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The Reserve Bank of India (RBI) has cancelled the licence of Jamkhed Merchants Co-operative Bank Maryadit in Ahmednagar district of Maharashtra. The order was made effective from the close of business on June 01, 2017, RBI said in a statement.
The Registrar of Co-operative Societies, Maharashtra, has also been requested to issue an order for winding up of the bank and appoint a liquidator. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank will be set in motion.
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