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The Times of India

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PTI

RBI cancels licence of MP-based Garha Co-operative Bank

RBI DICGC Guna Madhya Pradesh Mumbai

MUMBAI: The Reserve Bank of India (RBI) on Monday cancelled licence of Garha Co-operative Bank, Guna in Madhya Pradesh as the lender does not have adequate capital and earning prospects.

About 98.4 per cent of the depositors of the co-operative bank 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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