RBI Denies Abhyudaya Cooperative Bank License Cancellation

An unidentified official stated on Friday that a document circulating on social media, claiming that the Reserve Bank of India (RBI) revoked the license of Abhyudaya Cooperative Bank, is false. The Mumbai-based cooperative bank operates 109 branches, with 18 offering seven-day-a-week services, and maintains 113 ATMs, according to its website.

According to its website, the bank, headquartered in Mumbai, operates a network of 109 branches, with 18 of them offering services seven days a week. Additionally, the bank boasts 113 ATMs.

As of 31 March 2021, the bank held deposits worth Rs 10,952 crore, compared to Rs 10,838 crore in the previous fiscal year. The information available on its website indicates that its loans and advances amounted to Rs 6,711 crore in FY21, up from Rs 6,654 crore in FY20.