New Delhi: The Reserve Bank of India (RBI) has cancelled the license of Babaji Date Mahila Sahakari Bank in Yavatmal, Maharashtra. It has been told that there was no earning potential in this bank. RBI has banned many types of work in this bank. Now its account holders cannot deposit or withdraw money. At the same time, the bank can no longer do any work related to banking.

According to the report, RBI has been barred from conducting the business of 'Banking'. RBI has told that this bank does not have sufficient capital and earning potential. In such a situation it is not good to operate the bank. At the same time, RBI also said that it does not comply with the provisions of section 11 (1) and section 22 (3) (d) of section 56 of the Banking Regulation Act, 1949. In such a situation, this bank does not earn enough capital. In addition, this bank failed to comply with the requirements of Section 22(3)(A), 22(3)(B), 22(3)(C), 22(3)(D) and 22(3)(E).

An investigation by Railway Bank has revealed that the continuation of the bank is not in the interest of its depositors. The public interest will be adversely affected if the bank is allowed to carry on its banking business any further. The RBI in its order had said that the bank with its current financial position would be unable to make full payments to its existing depositors. Every depositor shall be entitled to receive a deposit insurance claim amounting up to a monetary limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of the DICGC Act, 1961. About 79% of the depositors of this bank are entitled to get the full amount of their deposits from DICGC.

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