India, May 20 -- Reserve Bank of India has cancelled the banking licence of The Yashwant Co-operative Bank Ltd., Phaltan with effect from the close of business on May 19, 2026. The action was taken under Section 22 read with Section 56 of the Banking Regulation Act, 1949.
Following the cancellation, the bank has ceased all banking operations, including acceptance and repayment of deposits. The RBI has also requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, to initiate winding-up proceedings and appoint a liquidator for the bank.
The central bank said the licence was cancelled due to inadequate capital and weak earning prospects, along with non-compliance with several provisions of the Banking R...