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

Business Standard LogoBusiness Standard2 mo ago

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

Quick Summary:

"The bank does not have adequate capital and earning prospects," the RBI said while announcing that The Laxmi Co-operative Bank ceases to carry on banking business, with effect from the close of business on Thursday (September 22, 2022).

The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur (Maharashtra) based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects.

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 Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement.


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Article Details

Author / Journalist: Press Trust of India

Category: EconomyFinance

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-22 @ 19:16:00 (2 months ago)

News Timezone: GMT +5:00

Ranking: #1557 (out of 3174 stories this day)

News Source URL: business-standard.com

Language: English

Article Length: 378 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 471117

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Main Topics: EconomyFinance

Official Website: business-standard.com

Update Frequency: 149 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

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News Language: English

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Publisher ID: #49

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