The Reserve Bank has cancelled the license of Maharashtra-based Bhandari Cooperative Bank as the lender has become insolvent.The Reserve Bank of India delivered the order canceling its license to the bank as on the close of business on November 11, 2011.The apex bank said in a statement that efforts to revive the bank in consultation with the Maharashtra government have failed and the depositors were being inconvenienced by continued uncertainty.The Registrar of Cooperative Societies, Maharashtra, has been requested to issue an order for winding up the bank and appoint a liquidator for the bank.The statement said that on liquidation, every depositor is entitled to the repayment of deposits up to a monetary ceiling of Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation under usual terms and conditions.