The reason cited the absence of adequate capital and being unable to pay its present depositors in full. The bank ceased to carry on banking business with effect from the close of business on Friday.
While cancelling the licence, effective close of business hours on Monday, the RBI said public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
The reason cited the absence of adequate capital and earning prospects as the reason behind the cancellation.
New Delhi: Gearing up to issue new bank licences, RBI has shot off detailed queries to over two dozen applicants and various regulators in India and abroad as part of its due-diligence on those seeking
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