Published 2 years ago

RBI cancels Laxmi Co-operative Bank's licence, says it lacks adequate capital

Summary by Ground News

The Reserve Bank of India has cancelled the licence of The Laxmi Co-operative Bank Limited. More than 99 per cent of the depositors are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement.

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Times of India

RBI cancels licence of Solapur-based Laxmi Co-operative Bank

India Business News: The Reserve Bank of India (RBI) on Thursday cancelled licence of Laxmi Co-operative Bank Limited in Solapur, Maharashtra citing inadequate capital an

2 years ago·India

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News18 India

RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank

As per the data submitted by the cooperative bank, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from DICGC

2 years ago·India

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Indian Express

RBI cancels licence of Solapur-based Laxmi Co-operative Bank

The central bank has also asked the commissioner for cooperation and registrar of cooperative societies, Maharashtra, to issue an order for winding up the bank and appoint a liquidator for it.

2 years ago·India

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India Today

RBI cancels licence of Laxmi Co-operative Bank, depositors can claim up to Rs 5 lakh

The Reserve Bank of India has cancelled the licence of Maharashtra-based The Laxmi Co-operative Bank. The RBI said that the bank with its present financial position would be unable to pay its present depositors in full.

2 years ago·India

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Live Mint

RBI cancels Laxmi Co-operative Bank's licence, says it lacks adequate capital

With this, the bank ceases to carry on banking business, with effect from the close of business on September 22, 2022.

2 years ago·New Delhi, India

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Latestly

Laxmi Co-Operative Bank Licence Cancelled by RBI, Depositors Can Claim Up to Rs 5 Lakh | 📰 LatestLY

RBI said that it cancelled the licence as the Laxmi Co-operative Bank Limited does not have adequate capital and earning prospects. "As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949," the RBI stated. 📰 Laxmi Co-Operative Bank Licence Cancelled by RBI, Depositors Can Claim Up to Rs 5 Lakh.

2 years ago

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