RBI Cancels Licence of Ajantha Urban Co-op Bank Maryadit:
Reserve Bank of India (RBI) announced the cancellation of the banking license of Ajantha Urban Co-operative Bank Maryadit, based in Aurangabad, Maharashtra. The action was taken due to the bank’s inadequate capital, poor earnings outlook, and inability to protect depositors’ interests. The RBI directed the Registrar of Cooperative Societies, Maharashtra, to initiate liquidation proceedings, ensuring depositor protection through the Deposit Insurance and Credit Guarantee Corporation (DICGC).
