MUMBAI, India, June 18 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI), vide order dated June 16, 2026, has cancelled the licence of "Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak, Karnataka", under Section 22 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). Consequently, the bank ceases to carry on banking business, with effect from the close of business on June 18, 2026. The Registrar of Co-operative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
The Reserve Bank cancelled the licence of the bank as:
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The bank does not have adequate capital and earning prospects. As such, it does ...