RBI cancels licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank

The Reserve Bank of India has cancelled the banking license of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank due to its deteriorating financial condition. The bank's inability to meet its obligations and its lack of adequate capital and earning prospects led to this decision. Approximately 97.9% of depositors are expected to receive their full deposit amounts from DICGC upon liquidation.

Raccontata daeconomictimes.indiatimes.com