RBI cancels licence of MP-based Garha Co-operative Bank

About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.

from Banking/Finance-Industry-Economic Times https://ift.tt/Q6Slj3U