10 days ago whip on 17 non-banking institutions..
The Reserve Bank of India has cracked down on 17 non-banking financial institutions in the country. It announced on March 10, 2023 that its certificate of registration is cancelled. With this, 17 non-banking financial companies have surrendered the certificate of registration issued by RBI. The Reserve Bank of India said it has taken action against non-banking institutions through powers conferred by Section 45 IA (6) of the RBI Act, 1934.
Earlier, the Reserve Bank canceled the license of a cooperative bank from Madhya Pradesh. It said that the depositors will be protected through the Depository Insurance Scheme. No need to worry. After that it imposed restrictions on five more cooperative banks. Limited transactions are allowed. It clarified that the restrictions will continue until the financial condition of the banks improves. The Reserve Bank’s whipping of successive banks has become a priority.
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