RBI cancels licence of Mahabhairab Coop Urban Bank, Tezpur

RBI cancelled the licence of The Mahabhairab Cooperative Urban Bank due to poor financial health, effective July 24, 2024. The bank can't continue operations and will be liquidated. Depositors will receive insurance claims up to Rs 5 lakh from the DICGC. As of June 13, 2024, DICGC has already paid Rs 20.03 crore in insured deposits.