RBI cancels Laxmi Co-operative Bank's license; Rs. 5 Lakh withdrawal limit
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RBI canceled the license of The Laxmi Co-operative Bank Limited in Maharashtra on Thursday. The authority canceled the Solapur-based cooperative's license due to weak financials. The bank ceases to carry on banking business, with effect from the close of business on September 22, the RBI noted in a press release. Notably, the RBI has permitted depositors to claim deposit insurance amount up to a monetary ceiling of Rs. 5 lakh from the DICGC.