RBI cancels licence of Shirpur Merchants Co-operative Bank

Banking operations cease and deposits frozen

Governance Financial Services
🇮🇳
RBI ·
Change
India’s RBI cancelled the licence of Shirpur Merchants Co-operative Bank, prohibiting it from accepting or repaying deposits.
Why it matters
The bank enters liquidation, with depositors required to claim insured amounts through formal processes.
Implications
  • — Deposits inaccessible — liquidity risk for customers
  • — Bank operations halted — liquidation process begins

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RBI
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