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The Reserve Bank of India (RBI) has cancelled banking license of Bagnan, West Bengal-basdd United Co-operative Bank Ltd, due to poor financial condition.
However, RBI says, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
Consequently, the bank ceases to carry on banking business, with effect from the close of business on 13 May 2021. The registrar of cooperative societies, West Bengal has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, the RBI says in a release.
The banking regulator cancelled the license of the bank since the bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949, the RBI said.