RBI Cancelled Bank License: If you have account in these 8 bank please check

The Reserve Bank of India has been facing tough measures against banks for the past few years. As a result, RBI has cancelled the license of some banks. Not only this, the central bank has imposed heavy penalties on some big banks. Co-operative banks are facing maximum losses due to this move of Reserve Bank. RBI cancelled Bank License: If you have account in these 8 bank please check.

The RBI cancelled the licenses of eight co-operative banks for the financial year 2022-23 ending March 31. The Reserve Bank has fined banks 114 times for non-compliance. Cooperative banks have rapidly expanded banking services in rural areas. But after the irregularities in these banks came to light, RBI has taken strict measures.

Due to the dual position of these banks, and weak financing business, these co-operative banks face the problem through the interference of local politicians. The Reserve Bank has started taking action against cooperative banks in the wake of flouting regulations. Eight banks have had their licenses revoked in the last one year.

RBI cancelled these 8 banks license:

1. Mudhola Cooperative Bank

2. Milat Co-operative Bank

3 Shree Anand Co-operative Bank

4. Rupee Cooperative Bank

5. Deccan Urban Co-operative Bank

6. Lakshmi Cooperative Bank

7. Seva Vikas Cooperative Bank

8. Babaji Dinanka Mahila Urban Bank.

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RBI has cancelled the licenses of these banks due to insufficient capital, non-compliance with Banking Regulation Act. The licenses of these banks have been revoked due to possible shortfall in revenue in future. RBI has been keeping an eye on the cooperative banking sector for the past several years. The central bank cancelled the license of 12 cooperative banks in 2021-22, 3 cooperative banks in 2020-21 and two cooperative banks in 2019-20.