Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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RBI cancels the licence of The City Co-operative Bank Ltd., Mumbai, Maharashtra [Read More]
RBI
The Reserve Bank of India (RBI) has revoked the licence of “The City Co-operative Bank Ltd., Mumbai, Maharashtra,” effective June 19, 2024, thereby halting its banking operations. \r
The decision was made due to the bank’s inadequate capital and earning prospects, non-compliance with essential provisions of the Banking Regulation Act, 1949, and its inability to meet the financial obligations towards depositors. The cancellation aims to safeguard depositor interests and uphold public interest, as allowing the bank to continue operations would be detrimental. \r
Following liquidation, depositors are assured of receiving insurance claims up to ₹5,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC), with 87% of depositors eligible for full repayment already benefiting from DICGC's provisions.
