BHAGYODAYA FRIENDS CO-OP’S LICENCE CANCELLED

Mumbai, April 22: The RBI on Thursday said it has cancelled the licence of Bhagyodaya Friends Urban Co-operative Bank Limited (Amravati), as the lender does not have adequate capital and will be unable to pay its present depositors in full.

However, as per the data submitted by the bank, more than 98 per cent of the depositors will receive the full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation, the RBI said.

On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to Rs 5 lakh from DICGC.