RBI cancelled bank license of these 8 banks; here's full list

The Reserve Bank of India (RBI) has cancelled the licenses of many co-operative banks in the financial year that ended on March 31. Apart from this, RBI has also imposed heavy fines on these co-operative banks. As per the RBI, these eight banks have been barred from the any bank transactions.

According to RBI, the licences of these co-operative banks have been cancelled due to insufficient capital, non-compliance with the rules of banking regulation. RBI is monitoring co-operative banking sector for the last several years. The central bank had cancelled the licenses of 12 co-operative banks in 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

1. Mudhol Co-operative Bank

2. Milath Co-operative Bank

3. Shri Anand Co-operative Bank

4. Rupee Co-operative Bank

5. Deccan Urban Co-operative Bank

6. Lakshmi Co-operative Bank

7. Sewa Vikas Co-Operative Bank

8. Babaji Date Mahila Urban Bank