RBI has canceled this cooperative banking license is not yours

The Reserve Bank of India has canceled the license of the HCBL Cooperative Bank of Lucknow. According to RBI, the bank does not have enough capital and earnings, which canceled its license. The Reserve Bank of India canceled the license of HCBL Cooperative Bank. The central bank has taken these steps due to the cooperative bank that does not comply with the bank rules and poor financial conditions. HCBL Cooperative Bank does not have enough capital for operations, nor did it show any possibility in the future. Therefore, the license is canceled, which takes strictly against the bank. After the RBI decision, all the activities of the bank are such as deposit, withdrawal, etc. Stopped immediately. The liquidator will be appointed to close the bank. However, it is a matter of relief for the clients that depositors will also receive an insurance amount of deposits up to Rs 5,00,000 of the deposit insurance and credit guarantee corporation. The bank has 98.69 depositors whose deposits are less than Rs 5 lakh. Share this story -tags