seva vikas co-operative bank, this bank will no longer function.. Reserve Bank action ban! – rbi cancels pune based seva vikas cooperative bank license due to capital inadequacy and low earning prospects

In the interest of customers, the RBI has been revoking the licenses of banks with poor financial performance. In this line, the RBI has now canceled the license of Seva Vikas Co-operative Bank of Pune, Maharashtra.

The Reserve Bank has said that the Seva Vikas Co-operative Bank is not allowed to continue its operations due to insufficient capital and no means of earning income. The ban has been implemented since October 10.

The Reserve Bank also said that Seva Vikas Bank is not able to pay the full amount to its customers at present. However RBI has clarified that 99% customers are eligible to get their full refund.

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RBI said that the entire deposit amount will be paid to the customers under the deposit insurance and credit guarantee scheme. RBI has also directed to appoint an officer for this purpose.

Meanwhile, the Seva Vikas Co-operative Bank has been banned from doing banking business from October 10. Accordingly, this bank cannot accept deposits, make deposits or make loans.

Apart from this, the RBI also said that the Seva Vikas Co-operative Bank has violated various sections of the Banking Regulation Act. Therefore, the RBI has informed that the banking license is being revoked in the public interest.