RBI cancels licence of Mumbai-based 'The Kapol Co-operative Bank'
Admin
Oct 4, 2023 01:32
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The RBI on Monday said it has cancelled the licence of Mumbai-based The Kapol Co-operative Bank Limited as the lender does not have adequate capital and earning prospects.
Consequent to the cancellation of the licence, the cooperative bank has been prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect, the Reserve Bank said in a statement.
