RBI cancels licence of Solapur-based Laxmi Co-op financial institution

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Revealed on Sep 22, 2022 09:26 PM IST

As of September 13, 2022, the DICGC has already paid ₹193.68 crore of the whole insured deposits, it added.

RBI cancels licence of Solapur-based Laxmi Co-op bank. (AFP Photo)
RBI cancels licence of Solapur-based Laxmi Co-op financial institution. (AFP Picture)

The Reserve Financial institution of India on Thursday stated it has cancelled the licence of Solapur (Maharashtra) founded The Laxmi Co-operative Financial institution Restricted because the lender does no longer have good enough capital and incomes possibilities.

As in step with the knowledge submitted via the cooperative financial institution, greater than 99 in step with cent of the depositors are entitled to obtain complete quantity in their deposits from Deposit Insurance coverage and Credit score Ensure Company (DICGC), the RBI stated in a remark.

As of September 13, 2022, the DICGC has already paid 193.68 crore of the whole insured deposits, it added.

Additionally learn: RBI sanctions 36,999crore CCL to Punjab for paddy acquire

“The financial institution does no longer have good enough capital and incomes possibilities,” the RBI stated whilst pronouncing that The Laxmi Co-operative Financial institution ceases to hold on banking trade, with impact from the shut of commercial on Thursday (September 22, 2022).

As in step with the remark, the co-operative financial institution has did not agree to the necessities the Banking Law Act, 1949 and its continuance is prejudicial to the pursuits of its depositors.

Satheendhar Sahani

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