RBI may terminate licenses of 26 loss-making cooperative banks

By Religare
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Reserve Bank of India (RBI), Deputy Governor, K C Chakrabarty as said that the country's central bank is soon likely to cancel licenses of 26 loss-making co-operative banks.

    Of these 26 loss-making banks, 16 alone are based in the state of Uttar Pradesh. A capital worth Rs 2,000 crore is required to continue operating these 16 banks, and RBI will not cancel their licenses in case the state government agrees to support them, Chakrabarty said.

     

    While adding that banking is a business, he said that the loss-making banks should be shut down as they have already been given several chances to perform well, keeping in mind the investors' interest.

    Talking about the new banking licences, he said that RBI will consider the applications submitted in this regard by June this year.

    In the meanwhile, the Deputy Governor also said that bank is initially planning to launch plastic notes in the four metro cities as a pilot project. Later, these notes will be expanded to other parts of the country based on its success.

    Read more about: rbi
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more