The Reserve Bank of India (RBI) has canceled the license of City Co-operative Bank Ltd, based in Mumbai, effective from June 14, 2024. The decision was made due to the bank's failure to meet minimum capital requirements and its unsustainable financial condition. Consequently, the bank will cease operations and cannot conduct banking activities. However, the Deposit Insurance and Credit Guarantee Corporation (DICGC) will compensate eligible depositors up to Rs 5 lakh. This move aims to protect depositors and maintain stability in the banking sector.