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The Reserve Bank of India (RBI) on Monday terminated the license of Pune-based co-operative bank Seva Vikas on the grounds that the city co-operative bank lacked sufficient capital and profitability prospects. The bank will cease banking operations after closure on October 10, 2022, RBI said in a statement. In early August 2022, he terminated the license of Rupee Cooperative Bank, Pune. RBIs plea is pending before the Mumbai High Court. According to the data provided by the bank, about 99 percent. depositors are entitled to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). As on 14 September 2022, DIGCC has already paid Rs 152.36 crore of all insured deposits. This payment will be made in accordance with the provisions of the DICGC Act, 1961 on the basis of the will received from the concerned depositors of the bank. The banking regulator said it has asked the Maharashtra Registrar of Co-operative and Co-operative Societies Commissioner to order the winding up of the bank and appoint its liquidator. The continued existence of the bank harms the interests of its depositors. In its current financial situation, the bank would not be able to fully repay the previous depositors. She added that the public interest would be affected if the bank was allowed to continue banking. As a further regulatory action, RBI fined The Kerala State Co-operative Bank Ltd, Thiruvananthapuram Rs 48,000 for non-compliance with Section 56 of the Banking Regulation Act, 1949 (Act) and RBIs directive on Gold Loan - Bullet Amortization. When you first visit the Business Standard website, you will come across articles marked with a key before the title. These are premium or locked items. To unlock such articles, you must subscribe to themThe Reserve Bank of India (RBI) terminated the license of Pune-based Seva Vikas Co-operative Bank on Monday, citing insufficient capital and profitability prospects for the municipal co-operative bank. The bank will cease its banking activities effective the end of operations on October 10, 2022, RBI said in a statement. It previously terminated the license of Pune-based Rupee Cooperative Bank in August 2022. RBIs actions are being challenged by the Mumbai High Court. According to the bank, about 99 percent. Depositors are eligible to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). As of September 14, 2022, DIGCC has already paid out Rs 152.36 crore from all insured deposits. This payment is made in accordance with the provisions of the DICGC Act 1961 based on the willingness of interested bank depositors. The Banking Regulatory Authority reported that it had requested the Co-operative Commissioner and Registrar of Co-operative Co-operatives, Maharashtra, to issue an order winding up the bank and appoint a liquidator for the bank. The continuation of the banks business harms the interests of its depositors. In its current financial situation, the bank would not be able to fully repay its current depositors. Public interest would suffer if the bank were allowed to continue banking, he added. In a further regulatory action, the RBI fined The Kerala State Co-operative Bank Ltd, Thiruvananthapuram Rs 48,000 for failure to comply with Section 56 of the Banking Regulation Act 1949 (Act) and orders of the RBI. on the topic Gold Loan - Repayment. As a first-time visitor to the Business Standard website, you will come across articles identified with a key appended to the title. These are premium or locked items. You must log in to unlock the following itemsstandard bonus. Premium Business Standard offers unlimited and uninterrupted access to exclusive content - ideas, features, comments and more - curated and curated by our editors just for you. In addition to access to paid content, Business Standard Premium offers a number of other benefits. Business-standard.com is the website of Business Standard Private Limited, the publisher of Indias leading business publication, Business Standard. The website has over 15 million unique visitors each month, the highest of any independent online business newspaper website in India. The Business Standard daily newspaper (also available as an e-newspaper) is the preferred choice for serious business readers. It is distributed in 12 centers - New Delhi, Mumbai, Kolkata, Bangalore, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. It is also printed in Bhopal. Hindi Business Standard is published in six locations in India - New Delhi, Mumbai, Kolkata, Lucknow, Bhopal and Chandigarh. 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