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Explained: Why RBI cancelled Kerala-based Adoor Co-operative Bank's license? What will happen to customers' money?

RBI cancels license of Kerala-based Adoor Co-operative Urban Bank.

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The Adoor Co-operative Urban Bank gets RBI nod to be a non-banking institution

As per release, the central bank cancelled banking licence dated January 03, 1987 granted to The Adoor Co-operative Urban Bank.

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RBI ups gold reserves post pandemic as risk aversion sets in

According to the Reserve Bank of India, gold reserves stood at Rs 3.75 lakh crore as on Mar 24, 2023, as against Rs 2.09 lakh crore as on Mar 20, 2020.

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RBI cancels Adoor Co-operative Urban Bank's banking licence, allows it to operate as non-banking institution

The cancellation of licence is with effect from the close of business on April 24, 2023, according to a notification issued by the RBI.

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