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RBI Canceled the License of This Bank

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RBI cancels the license of any bank only when that bank does not have funds

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Rbi Canceled The Licence Of "The Mudhol Co Opeartive Bank Limited Dist. bagalkot Karnataka

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You can get returns up to 5 lakhs under dicgc 

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If you have 10 lakh rupees in your account then you will get 5 lakh only.

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It's RBI Guidalene

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However, you should keep money less in such banks.