RBI cancels licence of United India Co-operative Bank
The Reserve Bank of India (RBI) on Wednesday said it has cancelled the licence of Uttar Pradesh-based United India Co-operative Bank Limited, citing lack of adequate capital and earning prospects. Consequently, the bank ceases to carry on business, with effect from the closing hours on Wednesday, the RBI said in a statement.
On liquidation, it said every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a ceiling of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).