RBI cancels the licence of Pune-based Seva Vikas Co-operative Bank

Seva Vikas Co-operative Bank lacked adequate capital and earning prospects.

Reserve Bank of India (RBI) on Monday cancelled the license of Pune based Seva Vikas Co-operative Bank as the urban cooperative bank lacked adequate capital and earning prospects.
 

The bank ceases to carry on banking business, with effect from the close of business on October 10, 2022, RBI said in a statement. 

Earlier in August 2022 , it had cancelled the license of Pune-based Rupee Cooperative Bank. RBI action is facing legal challenge in Bombay High Court.
 

According to the the data submitted by the bank, about 99 per cent of the depositors are entitled to receive the full