RBI cancels licence of Purvanchal Co-op Bank, Ghazipur

The Reserve Bank of India (RBI) has revoked the licence of Purvanchal Co-operative Bank in Ghazipur, Uttar Pradesh, citing insufficient capital and earnings prospects. The bank will be liquidated, with depositors entitled to claims up to Rs 5 lakh from DICGC. Currently, 99.51% of depositors are eligible for full refunds. As of May 30, 2024, DICGC has disbursed Rs 12.63 crore to depositors who agreed to the claim settlement.