Maharashtra s Laxmi Co-operative Bank will cease to carry on banking business, with effect from the close of business on September 22, 2022, a statement from RBI said.
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The commissioner for cooperation and registrar of cooperative societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, the statement said.
The Reserve Bank of India has cancelled the licence of Maharashtra-based The Laxmi Co-operative Bank. The RBI said that the bank with its present financial position would be unable to pay its present depositors in full.