RBI revokes City Cooperative Bank's license
The RBI stated that the bank has not complied with the provisions of Sections of the Banking Regulation Act, 1949. "The bank's continued existence is detrimental to the interests of its depositors.
The City Co-operative Bank Ltd.'s license in Mumbai has been revoked by the Reserve Bank of India (RBI) on the grounds that "the bank does not have adequate capital and earning prospects."
Consequently, as of June 19, 2024, at business closure, the bank will no longer be conducting banking operations. The RBI stated that an order for winding up the bank and appointing a liquidator has also been requested from the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra.
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