TEXT HERE MK

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rbi has again canceled the license of a new bank

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cancelled the license of “Millath Co-operative Bank Ltd., Davangere, Karnataka

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the bank ceases to carry on banking business, with effect from the close of business on June 18, 2022

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The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

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Reason The bank does not have adequate capital and earning prospects. The continuance of the bank is prejudicial to the interests of its depositors

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The bank with its present financial position would be unable to pay its present depositors in full;

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Millath Co-operative Bank Limited, Davangere, Karnataka” is prohibited from conducting the business of ‘banking’ which includes

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