Mumbai, Oct 7 (PTI) The Reserve Bank on Tuesday said it has cancelled the licence of Jijamata Mahila Sahakari Bank, Satara (Maharashtra) as the lender does not have adequate capital and earning prospects.

The banking licence of the lender was earlier cancelled vide an order dated June 30, 2016 and was restored on October 23, 2019 on an appeal made by the bank.

In a statement, the RBI said the Appellate Authority, which allowed the appeal, directed that a forensic audit of the bank be conducted for the FY 2013-14 to assess the financial position.

The central bank had appointed a forensic auditor, but the audit could not be completed due to the non-cooperation of the bank, it said.

“Meanwhile, the financial position of the bank continued to deteriorate as assessed by RBI," it said while

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