The Reserve Bank of India (RBI) has cancelled the banking licence of Nashik Zilla Girna Sahakari Bank Limited due to inadequate capital and earning prospects. The bank is now prohibited from conducting any banking activities, including accepting and repaying deposits. The Maharashtra Cooperative Department has been requested to wind up the bank and appoint a liquidator. Depositors will be entitled to receive up to Rs 5 lakh in deposit insurance from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
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