RBI cancels license of Maharashtra-based Laxmi Cooperative Bank

RBI cancels license of Maharashtra-based Laxmi Cooperative Bank: RBI has cancelled the licence of Maharashtra-based the Laxmi Co-operative Bank.

Reason: Lack of adequate capital.

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Claim: Every depositor would be entitled to receive a deposit insurance claim amount upto 5 lakh rupees.

The Commissioner for Cooperation and Registrar of Cooperative Societies (Maharashtra) has also been asked wind up the business and appoint a liquidator for the bank. As per the data, 99% of the depositors are entitled to receive the full amount of DICGC.