RBI says in a statement that it has canceled the license of the bank, as the lender does not have sufficient capital, , reserve bank of india, Laxmi Coop Bank Solapur
The RBI has imposed penalties on several urban co-op banks for varying amounts from Rs 55 lac to Rs 1 lac for their violations of regulator’s norms and master directions. The highest penalty was imposed on
Bank introduces several welfare schemes for members
The Visakhapatnam Co-operative Bank Limited, a multi-state cooperative bank in urban banking sector, operating in all 13 districts of Andhra Pradesh with 46 branches and four branches in Hyderabad (Telangana State), has plans to achieve ₹6,500 crore business by the end of the financial year 2020-21.
The bank, which has completed 104 years of its existence, has introduced several welfare schemes for its members. These include health insurance for eligible members and their spouses, ex gratia of ₹50,000 to the family members for accidental death and cash incentives to children of members for excellence in their academics, according to a statement issued by the bank.