India: RBI cancels license of Kanpur-based People's Cooperative Bank Ltd
Kanpur: The Reserve Bank of India said it has cancelled the license of Kanpur-based People's Co-operative Bank Limited on Monday.
The reason is that the bank does not have adequate capital and earning prospects.
The Reserve Bank of India vide order dated March 17, 2022, has cancelled the license of People's Co-operative Bank Limited, Kanpur, Uttar Pradesh.
Accordingly, the bank ceases to carry on banking business, with effect from the close of business on March 21, 2022.