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RBI cancels licence of cooperative bank

MUMBAI: The Reserve Bank of India has cancelled the banking licence of Shriram Sahakari Bank Ltd, Nashik, a cooperative bank, which has ceased to be solvent. Upon liquidation of the bank, depositors will be entitled to repayment of deposits up to Rs 1,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC), says an RBI release.

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