2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Kanpur
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Pune
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Kolhapur
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Mumbai
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Detailed explanation-1: -Mumbai: The Reserve Bank of India (RBI) has cancelled the licence of Pune-based The Seva Vikas Co-operative Bank Ltd. The central bank said that the licence has been cancelled because of the company’s earnings prospects and lack of capital.
Detailed explanation-2: -In terms of provisions of the DICGC Act, 1961, on cancellation of registration as an insured bank, the Corporation is liable to pay every depositor, the eligible amount subject to the limit of the insurance cover, based on his deposit/s and loans in the bank as on the cut-off date.
Detailed explanation-3: -The bank ceases to carry on banking business, with effect from the close of business on October 10, 2022, RBI said in a statement. Earlier in August 2022 , it had cancelled the license of Pune-based Rupee Cooperative Bank. RBI action is facing legal challenge in Bombay High Court.
Detailed explanation-4: -Section 22 in BANKING REGULATION ACT,1949.