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The Times of India
The Times of India
Business
TIMESOFINDIA.COM

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

RBI Maharashtra New Delhi Solapur

NEW DELHI: The Reserve Bank of India (RBI) on Thursday cancelled licence of The Laxmi Co-operative Bank Limited in Solapur, Maharashtra citing inadequate capital and earning prospects.

As a result, the bank has been prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits.

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