RBI cancels the licence of Dr Shivajirao Patil Nilangekar
RBI on Wednesday said it has cancelled the licence of Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd, Nilanga, Latur, as it does not have adequate capital and earning prospects, hence, it does not comply with the provisions of the Banking Regulation Act, 1949. 
The bank with its current financial position would be unable to pay its depositors in full, the central bank said while announcing the cancellation of its licence.
Also, the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, has been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
The RBI further stated that the continuance of the bank is prejudicial to the interests of its depositors, adding that public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
With the cancellation of its licence, the bank has been prohibited from conducting the business of ‘banking’ that includes acceptance of deposits and repayment of deposits with immediate effect.
