The depository {financial institution|bank|banking concern|banking company} of Bharat (RBI) on weekday same it's canceled the license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd, Nilanga, Latur because it doesn't have adequate capital and earning prospects.
Also, the Maharashtra-based bank with its current financial position would be unable to pay its depositors in full, the financial organization said whereas asserting the cancellation of its license. The bank ceases to hold on to banking business, with the result of the shut of business on Wednesday.
Further, the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, has conjointly been requested to issue AN order for carrying out the bank and appoint a liquidator for the bank.
The run batted in the same Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank doesn't have adequate capital and earning prospects, and as such, it does not go with the provisions of the Banking Regulation Act, 1949.
"The continuance of the bank is detrimental to the interests of its depositors," it said adding that public interest would be adversely affected if the bank is allowed to hold on to its banking business any further.
With the cancellation of its license, the bank has been prohibited from conducting the business of ''banking'' that has the acceptance of deposits and reimbursement of deposits with immediate effect.
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