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Explained: Why RBI cancelled Kerala-based Adoor Co-operative Bank s license? What will happen to customers money?

RBI cancels license of Kerala-based Adoor Co-operative Urban Bank.

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RBI cancels Adoor Co-operative Urban Bank s banking licence, allows it to operate as non-banking institution

The cancellation of licence is with effect from the close of business on April 24, 2023, according to a notification issued by the RBI.

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RBI penalizes four co-op banks; extends Directions on two

While four Co-op Banks have been levied with penalties totalling more than Rs 44 lakhs by the RBI, the other

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RBI Imposes Rs 44 Lakh Penalty On 4 Co-Operative Banks

The central bank said a penalty of Rs 13 lakh has been imposed on Janata Sahakari Bank, Pune for non-compliance with directions on Interest Rate on Deposits .

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RBI cancels Adoor Co-operative Urban Bank s banking licence, allows to operate as NBFC

The Adoor Co-operative Urban Bank will ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as non-banking institution, the RBI said

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