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RBI cancels licence of Maharashtra-based Independence Co-operative Bank

The RBI said the bank does not have adequate capital and earning prospects.

February 03, 2022 / 06:02 PM IST

The Reserve Bank of India (RBI) on February 2, 2022, cancelled the licence of Independence Co-operative Bank Ltd., Maharashtra citing inadequate capital.

Consequently, the bank ceases to carry on banking business, with effect from the close of business on February 03, 2022, the RBI said in a release.

The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, the RBI said.

The RBI said the bank does not have adequate capital and earning prospects.