RBI has revoked the license of 8 banks, Withdraw your money immediately from these banks

Banks that play a vital role in the country’s economy include rural and urban banks. Cooperative banks are very important among these. They provide banking services even to remote villages. But these banks are subject to strict regulations, poor economic conditions and pressure from local politics. These conditions have a severe impact on the performance of banks. In this order, RBI has closely monitored the performance of cooperative banks in the country. RBI is paying special attention to cooperative banks even if their performance is not good or they are going bankrupt without capital. Apart from imposing sanctions on those banks, it is also canceling the licenses. RBI has canceled the licenses of 8 banks within four months of this year. The licenses of these banks were revoked due to poor management or verge of bankruptcy. These include Seva Vikas Cooperative Bank, Deccan Urban Cooperative Bank, Milat Cooperative Bank, Sri Anand Cooperative Bank, Mudhol Cooperative Bank, Rupee Cooperative Bank, Babaji Date Mahila Urban Bank, Lakshmi Cooperative Bank. RBI has canceled the licenses of these banks due to lack of income streams in future as well. Some other banks have also been fined. 50 thousand to 5 lakh fine has been imposed on the banks that violated the rules. Sanctioning of loans in violation of monetary policy norms, negligence in disclosing details to beneficiaries has been fined. RBI is also likely to cancel the licenses of these banks if the violation of rules continues. Meanwhile, in 2022, the licenses of 12 cooperative banks have been cancelled. It is noteworthy that 8 banks were liquidated within 4 months of this year.