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

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. RBI has clarified that the bank does not have adequate capital and earning prospects. 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...