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Added on : 2022-09-23 15:58:37

The Reserve Bank of India (RBI) on Thursday cancelled the licence of Maharashtra-based The Laxmi Co-operative Bank, citing lack of adequate capital. Upon liquidation, every depositor would be entitled to receive a deposit insurance claim amount upto Rs 5 lakh. According to the RBI, the bank with its present financial position would be unable to pay its present depositors in the full and public interest would be adversely affected if the bank is allowed to carry on. "The Reserve Bank cancelled the licence of the bank as the lender does not have adequate capital and earning prospects and the continuance of the bank is prejudicial to the interests of its depositors," the RBI said in a statement.

Editor & Publisher : Dr Dhimant Purohit

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