RBI cancels licence of Maha-based Independence Co-operative Bank

RBI has cancelled licence of Maharashtra-based Independence Co-operative Bank, citing inadequate capital. It will cease to carry on banking operations from the close of business on February 3. In the present situation, the bank won't be able to pay its depositors in full, RBI said. It added that the bank didn't comply with multiple sections of Banking Regulation Act, 1949.