Categories: Banking

RBI cancels licence of Dr Shivajirao Patil Nilangekar Urban Co-operative Bank

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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.