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

Mumbai: Reserve Bank of India yesterday cancelled the licence of Pune-based the Seva Vikas Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. The bank ceases to carry on banking business, with effect from the close of business on Monday, according to RBI.

It noted that the bank with



its present financial position would be unable to pay its present depositors in full. As per the data submitted by the bank, the RBI said, about 99 per cent of the depositors are entitled to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation.