Mumbai, June 18 (IANS) The Reserve Bank of India (RBI) on Thursday cancelled the licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank, citing its deteriorating financial condition, inadequate capital and poor earning prospects.In a statement, the RBI said the bank, located in Gokak, does not have sufficient capital and fails to comply with certain provisions of the Banking Regulation Act, 1949.The central bank added that the lender, in its current financial position, would b…
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