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Crisis-ridden cooperative banks continue to face RBI's ire, 8 lose license in FY23

Reasons for license cancellation varied from inadequate capital to failure to comply with legal regulations under the Banking Regulation Act and lack of earning prospects in the future. In fiscal 2023, the Reserve Bank of India (RBI) cancelled licenses of eight cooperative banks and imposed monetary penalties for 114 times ....

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After Shivalik, Prime Co-op Bank readies to convert to Small Fin Bank

Surat based Prime Co-op Bank, which is known in UCB circles as a bank having a number of successful acquisitio ....

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None from Mumbai eager to convert into Small Finance Bank: Anaskar

Maharashtra Urban Cooperative Banks Federation Chairman Vidyadhar Anaskar, who is credited with launching “Hath Jodo Abhiyan” asking UCBs to desist from converting into small finance banks–has strongly advocated taking consent of depositors before deciding on the conversion of UCB into SFB.
At present no UCBs in Maharashtra plan or apply to convert themselves into SFB, claimed Anaskar. He asks respective Urban Cooperative Banks for taking the depositors’ consent, apart from shareholders on any matter concerned with the conversion or merger of UCBs.
“The shareholders are having only five percent stakes in the bank and 80-90% stakes are that of depositors. Apart from taking member’s approval for merger or conversion, UCBs should take the approval of depositors also”, argues Anaskar. ....

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Shivalik Small Finance Bank receives commercial banking license

Shivalik Small Finance Bank receives commercial banking license
ANI |
Updated: Jan 06, 2021 12:41 IST
New Delhi [India], January 6 (ANI/NewsVoir): Shivalik Small Finance Bank (SSFB) announced the receipt of a license from Reserve Bank of India (RBI) to carry on banking business as a Small Finance Bank (SFB) in India.
This marks the successful completion of the last major step in the transition of Shivalik Mercantile Co-operative Bank (SMCB) to a SFB. SMCB is the first Urban Cooperative Bank (UCB) in India to transition to a Small Finance Bank under the voluntary transition scheme.
Highlights:
Shivalik is the first and largest multi-state Urban Co-operative Bank in Uttar Pradesh and has been at the forefront of financial inclusion through a technology focussed approach. It is currently serving customers in Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand. ....

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SMCB becomes India's first urban co-operative bank to transition to SFB

Read more about SMCB becomes India s first urban co-operative bank to transition to SFB on Business Standard. The bank had received an in-principal approval from the RBI for transitioning to a SFB in January 2020 ....

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