RBI cancels licence of Deccan Urban Co-operative Bank

The Reserve Bank of India has canceled the licence of Deccan Urban Co-operative Bank, Karnataka the lender does not have adequate capital and earning prospects.

As per the data submitted by the bank, more than 99 percent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).

The cooperative bank ceases to carry on banking business, with effect from the close of business on 18 Aug.