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RBI cancels licences

MUMBAI: The Reserve Bank of India has cancelled the licences of two Gujarat-based co-operative banks — Royale Co-op Bank Ltd., Surat, and Shri Swaminarayan Co-op Bank Ltd. at Baroda — as they ceased to be solvent.

The RBI has asked the State Registrar of Co-operatives to start process to wind-up their operations.

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