MUMBAI, JAN. 3:
The Reserve Bank of India (RBI) has cancelled the licence of the Maharashtra-based Swami Samarth Sahakari Bank Ltd as the bank turned insolvent and failed to comply with the minimum requirement of capital for a bank.
The RBI delivered the order cancelling its licence to the co-operative bank, effective from the close of business as on December 28, 2012. The bank ceased to be solvent as all efforts to revive it in close consultation with the Government of Maharashtra had failed, the RBI said in a statement.
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