The Reserve Bank of India (RBI) has cancelled the licence of Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd, Nilanga, Latur, as it does not have adequate capital and earning prospects. The Maharashtra-based bank with its current financial position would be unable to pay its depositors in full, the central bank said while announcing the cancellation of its licence. The bank ceases to carry on banking business, with effect from the close of business.
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With the cancellation of its licence, the bank has been prohibited from conducting the business of ”banking” that includes acceptance of deposits and repayment of deposits with immediate effect.