....In view of the fact that Bhimashankar Nagari Sahakari Bank Ltd had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the RBI on May 3, 2012 delivered its order dated April 25, 2012 to the bank cancelling its licence to carry out banking business, an RBI statement said...............
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