MUMBAI, India, April 6 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI), vide order dated April 02, 2026, has cancelled the licence of "The Shirpur Merchants' Co-operative Bank Ltd., Shirpur", 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 April 06, 2026. The Commissioner for Cooperation, Registrar of Cooperative Societies, Maharashtra 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....