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RBI Cancels Ajantha Urban Co-operative Bank Licence

24 April 20251 min read
BANKING & FINANCERBI CancelsAjantha UrbanCo-operative BankLicence24 April 2025safalsetu.com

Why in the news

A Maharashtra urban co-operative bank in Aurangabad lost its licence and stopped operating.

Key facts

  • Registrar of Cooperative Societies, Maharashtra, asked to begin liquidation and name a liquidator.
  • RBI view: bank cannot repay depositors fully and has no recovery route, so continuing would be against public interest.
  • Barred from accepting or repaying deposits.
DICGCFigure
Cover₹5 lakh per depositor
Fully repaid depositors91.55%
Paid by 3 April 2025₹275.22 crore

About the RBI

  • Set up 1 April 1935; Mumbai headquarters; Governor Sanjay Malhotra.

Exam angle

  • Insurance cover: ₹5 lakh; minors’ independent accounts: age 10+.

Test yourself

1. Up to what amount per depositor can DICGC reimburse after the cancellation of Ajantha Urban Co-operative Bank's licence?

Depositors get up to ₹5 lakh each from DICGC.

2. From which age can minors operate savings and term deposit accounts independently under RBI's April 2025 norms?

The notes say minors aged 10 and above.

3. Which official was asked to appoint a liquidator for Ajantha Urban Co-operative Bank?

RBI requested the Registrar of Cooperative Societies, Maharashtra, to do so.

This topic is part of Daily Current Affairs 24 April 2025 (22 topics).

All topics of the dayDay quizApril 2025

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