CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India has cancelled the licence of “The Mudhol Co-operative Bank Limited, Bagalkot (Karnataka)", thus restricting it from repayment of deposits and acceptance of fresh funds.

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: -Mudhol Cooperative Bank Ltd., Mudhol is a bank in india established on . It has headquarter in Banglore and address is Ward No-2,M G Road,Post Mudhol,Mudhol,Dist:Bagalkot, Karnataka Pincode-582117.

Detailed explanation-4: -The Reserve Bank cancelled the licence of the bank as: The bank does not have adequate capital structure and earning prospects. As such it does not comply with the provisions of section 11(1) and section 22(3)(d) read with section 56 of the Banking Regulation Act, 1949.