The Reserve Bank of India (RBI) has cancelled the licence of Urban Co-operative Bank (UCB), Sitapur, Uttar Pradesh.

• RBI said the bank ceases to carry on banking business, with effect from the close of business on December 07, 2023.
• The Commissioner and Registrar of Cooperative, Uttar Pradesh has also been requested to issue an order for winding up 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 a monetary ceiling of Rs.5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).
• As per the data submitted by the bank, 98.32 per cent of the depositors are entitled to receive full amount of their deposits from DICGC, RBI said.