The Reserve Bank of India (RBI) has cancelled the licence of Mumbai-based The Kapol Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. Upon 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 RBI said in a statement.
The Additional Secretary & Central Registrar of Cooperative Societies, Ministry of Cooperation, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, according to the central bank’s statement.
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Updated: 26 Sep 2023, 02:27 PM IST
