On 17th August 2022, the Reserve Bank of India (RBI) cancelled the licence of Deccan Urban Co-operative Bank Limited, Vijayapur, Karnataka as it does not have adequate capital and earning prospects.
- The bank is prohibited from conducting the ‘business of banking’ as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
- The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
- As per the data, more than 99 percent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
- On liquidation, every depositor would be entitled to receive deposit insurance claim amount up to a monetary ceiling of Rs. 5 Lakh from DICGC subject to the provisions of DICGC Act, 1961.
- As on 6th August 2022, DICGC has already paid Rs. 13.07 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.
- Note — RBI has imposed a penalty of Rs. 5,93,000 on Obopay Mobile Technology India Private Limited for non-compliance with certain provisions of norms on Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC).
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