RBI cancels licence of 2 co-operative banks due to inadequate capital

The RBI on Tuesday cancelled the licence of two cooperative banks — Sri Sharada Mahila Co-operative Bank, Tumkur, Karnataka and Harihareshwar Sahakari Bank, Wai, Satara — as the lenders do not have adequate capital and earning prospects.
Harihareshwar Sahakari Bank ceases to carry on banking business, with effect from the close of business on July 11, 2023, the Reserve Bank of India (RBI) said in a statement.
About 99.96 per cent of the depositors of Harihareshwar Sahakari Bank are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
In the case of Sri Sharada Mahila Co-operative Bank, about 97.82 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits of up to Rs 5 lakh from DICGC.
Consequent to the cancellatio