RBI cancels licenses of two co-operative banks in Maharashtra, Karnataka ...Middle East

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RBI cancels licenses of two co-operative banks in Maharashtra, Karnataka
source : Business Standard ( Middle East ) () 50
The Reserve Bank of India (RBI) on Wednesday said it has cancelled the banking licenses of two co-operative banks in Maharashtra and Karnataka. The licenses of Malkapur Urban Co-operative Bank Ltd, Buldhana and Shushruti Souharda Sahakara Bank Niyamita, Bengaluru have been cancelled. The two co-operative banks ceased to carry on banking business with effect from the close of business on Wednesday, RBI said in two separate statements. These banks did not have adequate capital and earning prospects, RBI said, adding that with their present financial position, they would be unable to pay their present depositors in full. On liquidation, every depositor would be entitled to receive deposit insur

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