News > RBI cancels licence of Nashik-based Independence Co-operative Bank

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

Dais Newsfeed | 04/02/2022 10:05 AM | Click to read full article

The Reserve Bank of India has cancelled the licence of Nashik based Independence Co-operative Bank Limited. According to an official statement, the bank will not be allowed to carry out any operations henceforth and a liquidator will be appointed soon.

It said that the bank’s present financial position is such that it will not be able to pay its depositors in full and public interest would be adversely affected if the bank is allowed to carry on with its business.