RBI · India ·

RBI cancels licence of Shirpur Merchants Co-operative Bank

→Banking operations cease and deposits frozen

Governance Financial Services
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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