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Our Bureau

Mumbai , Sept. 18

THE Reserve Bank of India has cancelled the licence of Metro Co-operative Bank, based in Gujarat, in view of the fact that it had ceased to be solvent.

A requisition has been made to the Registrar of Co-operative Societies, Gujarat, for the winding up of the bank and to appoint a liquidator, said a press release from RBI.

On liquidation of the bank, every depositor is covered by the Deposit Insurance and Credit Guarantee Corporation and is entitled to repayment of deposits up to a ceiling of Rs 1 lakh.

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