The licence of Purvanchal Co-op Bank, Ghazipur, has been cancelled by RBI.
RBI has cancelled the licence as the bank does not have adequate capital and earning prospects.
An order to wind up the bank has also been requested from the Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh.
The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh has also been asked to appoint a liquidator.
Following liquidation, each depositor will be eligible to get from Deposit Insurance and Credit Guarantee Corporation (DICGC) the value of their deposit insurance claim, up to a maximum of Rs 5 lakh.
Approximately 99.51 percent of depositors are eligible to get their whole deposit amount from DICGC.
