Reserve Bank of India (RBI) cancels licence of Shirpur Merchants' Co-operative Bank effective 6 April 2026.

Exam-focused facts from the 9 April 2026 current affairs briefing.

Key facts

Reserve Bank of India (RBI) cancelled the licence of The Shirpur Merchants' Co-operative Bank due to inadequate capital and earning prospects.
The bank ceases all banking operations from the close of business on 6 April 2026.
The Commissioner for Cooperation, Registrar of Cooperative Societies, Maharashtra has been requested to order winding up and appoint a liquidator.
Depositors will receive up to Rs 5 lakh per account from Deposit Insurance and Credit Guarantee Corporation (DICGC).
As per bank data, 99.7% of depositors are eligible to receive the full amount of their deposits from DICGC.
As on 31 January 2026, DICGC has already paid Rs 48.95 crore of total insured deposits based on depositors' willingness.