DICGC asks depositors of 21 insured co-operative banks, including PMC Bank, to prepare list of account holders eligible to receive Rs 5 lakh within 90 days.
Bombay Mercantile Co-operative Bank is fined Rs 50 lakh and Akola District Central Co-operative Bank Rs 2 lakh.
RBI’s expert committee on urban co-operative banks has proposed a four-tiered structure to regulate them, depending upon the size of the deposits.
RBI cancels licence of Karnala Nagari Sahakari Bank for not having adequate capital and earning prospects to pay its present depositors in full.
Customers raised doubts about Karavannur Co-operative Bank’s shady dealings; case has been registered against the bank.
RBI also bars municipal corporations from holding MD or whole-time director post in urban co-operative banks.
RBI said it will consider amalgamation of District Central Co-operative Banks with State Cooperative Banks.
