2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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PNB
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RBI
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BOB
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Detailed explanation-1: -The Reserve Bank of India (RBI) has cancelled the licence of Davangere-Karnataka-based Millath Co-operative Bank Ltd due to inadequate capital and lack of earning prospects. RBI says, “Millath Co-operative Bank does not have adequate capital and earning prospects.
Detailed explanation-2: -Davangere, Karnataka Consequently, the bank ceases to carry on banking business, with effect from the close of business on June 18, 2022. The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
Detailed explanation-3: -The Reserve Bank of India (RBI) announced that it has withdrawn the Solapur-based Laxmi Co-operative Bank’s banking licence. The bank will cease to carry on banking business, with effect from September 22, 2022.
Detailed explanation-4: -The Reserve Bank regulates the banking functions of StCBs/DCCBs/UCBs under the provisions of Sections 22 and 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies (AACS).