RBI Cancels Licence of Yashwant Co-operative Bank Over Lack of Capital and Earning Prospects

The Reserve Bank of India has cancelled the banking licence of Phaltan-based The Yashwant Co-operative Bank Ltd. The central bank stated that the lender lacked adequate capital and earning prospects. Consequently, all banking operations will cease at the close of business on Tuesday. Eligible depositors can claim up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation.