The Reserve Bank of India has recently canceled the

Solution

The Reserve Bank of India has canceled the license of Independence Co-operative Bank Ltd. The Independence Co-operative Bank Ltd. is based in Nashik, Maharashtra. The reason behind the cancellation of the license is that the bank was not having adequate capital and earning prospects. Note” The Reserve Bank of India (RBI), vide order dated February 15, 2022, has cancelled the licence of Mantha Urban Cooperative Bank Ltd., Mantha, District: Jalna , Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on February 16, 2022.