RBI Cancel Licence Of This New Bank 18 June

rbi has again canceled the license of a new bank

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

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

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. 

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

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

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