RBI Pulls Plug on Jalandhar's Imperial Urban Co-op 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.

- Press Trust of India

MUMBAI:

The Registrar of Cooperative Societies, Government of 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 ₹5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).