Laxmi Sahakari Bank of Maharashtra : Reserve Bank (RBI) has canceled the license of Laxmi Sahakari Bank due to insufficient capital. Each depositor is allowed to withdraw up to Rs 5 lakh. The Reserve Bank has said that the financial condition of Lakshmi Sahakari Bank is unsatisfactory and it is not in the interest of the depositors to continue the operations of the bank.
Cooperative commissioners and registrars of cooperative societies have also been asked to close bank operations and appoint debt collectors for financial supervision. As of September 13, the bank has disbursed Rs 193 crore of the depositors’ insurance amount.