RBI cancels licence of Seva Vikas Co-op Bank

RBI has 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.

According to the data submitted by the bank, about 99 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). As on September 14, 2022, DICGC has already paid Rs 152.36 crore of the total insured deposits.