Maharashtra-based Sadhana Co-operative Bank license has been cancelled by the Reserve Bank of India (RBI) due to bankruptcy of the bank.
According to RBI release following the cancellation of its license, Sadhana Co-operative Bank, Maharashtra has been forbidden from carrying on banking business.
The release stated subsequent bankruptcy every depositor will get repayment of his deposit up to a ceiling of Rs one lakh from the Deposit Insurance and Credit Guarantee Corporation.
On January 22 the license of the 13-year-old cooperative lender was cancelled by the apex bank. The bank got the license in June 1996. The release added the license of the cooperative bank was cancelled because all efforts to revive it in consultation with the state government did not work.
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