Maha's Laxmi co-operative bank's licence cancelled, depositors can claim up to ₹5 lakh

The RBI has cancelled the licence of the Laxmi Co-operative Bank Limited, Solapur, Maharashtra. The bank is prohibited from accepting and repayment of deposits with effect from the close of business on September 22, 2022. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of deposits up to ₹5 lakh, the RBI said.