Why RBI cancelled licence of Sumerpur Mercantile Urban Cooperative Bank
Thursday, 29 February 2024
Reserve Bank of India (RBI) has revoked the license of Sumerpur Mercantile Urban Cooperative Bank due to insufficient capital and prospects. The bank's financial framework was found to be inadequate to meet its obligations, particularly in repaying depositors. Majority of the depositors are entitled to receive their full amount from DICGC.
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