The Reserve Bank of India (RBI) has cancelled the licence of United Co-operative Bank. The bank ceases to carry on business with effect from the closure of business on 13th May 2021.
As the bank does not has sufficient capital and earning aspects. However, on liquidation every depositor is entitled to receive deposit insurance claims up to Rs 5 lakh
Further, the depositors will receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation.