Case Brief
The Reserve Bank of India cancelled the licence of Rabkavi Urban Co-operative Bank Ltd., Rabkavi (Karnataka) after concluding that the bank had ceased to be solvent and that all efforts to revive it had failed. RBI cited deteriorating and precarious financial condition, lack of a viable revival plan, and the need to protect depositors. Consequent to the cancellation, the Registrar of Co-operative Societies, Karnataka was requested to initiate winding up and appoint a liquidator, and deposit insurance payout processing under DICGC was to begin.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Rabkavi, Karnataka
- Order Date