Reserve Bank of India (RBI) located in Ahmedabad due to not following banking rules Color merchants co-operative bank Has canceled the license of. The RBI has taken this action due to the bank’s weak financial status, lack of capital and lack of future possibilities.
Why the bank’s license was canceled?
RBI said in its statement that the bank does not have enough capital and has failed to meet the requirements set under the Banking Regulation Act. In addition, the current financial condition of the bank is not such that it can return the entire amount to its depositors. In such a situation, the operation of the bank is considered harmful for the interests of the depositors.
What will happen now?
RBI has urged the registrar of cooperative societies of Gujarat state to issue an order to close the bank and one Liquidator To be appointed, which executes the process of liquidation.
What will be the depositors?
The Reserve Bank also told that Deposit Insurance and Credit Guarantee Corporation (DICGC) Maximum to every depositor of the bank under Insurance claim of deposit up to Rs 5 lakh Will be able to get
According to data provided by the bank, almost 98.51 percent depositor Under DICGC, they are eligible to receive their entire deposits. DICGC already to bank depositors till 31 March 2024 Rs 13.94 crore payment Has done
How long did the bank’s functioning be closed?
After cancellation of bank license, from 16 April 2025 Color merchants co-operative bank Has stopped all its banking work. This means that the bank will no longer accept any new deposit nor pay the amount deposited in any account.
The RBI has said that if the bank was allowed to operate further operations, it could stagger the trust of the general public and there could be great loss to the depositors.
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