what is causes of cancellation of a bank licence
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The Reserve Bank cancelled the licence of the bank as:
Its operations were being carried out in a manner detrimental to the interests of the present and future depositors and that of the public and in violation of Section 11 and 22(3) of the BR Act;
The bank was not in a position to pay its present and future depositors in full as and when their claims accrue;
The financial position of the bank was so precarious that there was no scope for its revival; and
Public interest would be affected adversely if the bank was allowed to carry on its business in the manner in which it was functioning, any further.
Its operations were being carried out in a manner detrimental to the interests of the present and future depositors and that of the public and in violation of Section 11 and 22(3) of the BR Act;
The bank was not in a position to pay its present and future depositors in full as and when their claims accrue;
The financial position of the bank was so precarious that there was no scope for its revival; and
Public interest would be affected adversely if the bank was allowed to carry on its business in the manner in which it was functioning, any further.
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