The Reserve Bank of India (RBI) has taken major action against a co-operating bank. The Reserve Bank of India has cancelled the licence of Mudhol Co-operative Bank limited in Bagalkot, Karnataka. The order came into effect from June 8. Mudhol Co-operative Bank has also been barred from repaying deposits and taking cash following action taken by the Reserve Bank of India.

The Reserve Bank of India (RBI), while announcing the cancellation of the licence, said the bank does not have adequate capital and income potential. It was also informed on behalf of The Reserve Bank of India that the bank will be unable to make full payment to its existing depositors with its current financial position.

According to the central bank's rules, those whose money is deposited in the bank can take their money under the Deposit Insurance and Credit Guarantee Corporation (DICGC). According to this scheme, there is a rule to give an insurance amount of up to Rs 5 lakh. You will not get more than that. Under this, all types of deposits such as savings, fixed, current, fixed deposits, fixed deposits etc. Under this, the States/ The States, Central and Primary Co-operative Banks functioning in the Union Territories also come up.

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