RBI cancels licence of Jalandhar bank

The Reserve Bank of India on Friday said it has cancelled the licence of Jalandhar-based Imperial Urban Co-operative Bank as the lender does not have adequate capital and earning prospects. The Registrar of Cooperative Societies, Punjab, has also been requested...

PTI

Mumbai, Updated At : 03:40 AM Apr 26, 2025 IST

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The Reserve Bank of India on Friday said it has cancelled the licence of Jalandhar-based Imperial Urban Co-operative Bank as the lender does not have adequate capital and earning prospects.

The Registrar of Cooperative Societies, Punjab, has also been requested to issue an order for winding up of the bank and appoint a liquidator for the bank. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).

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