Reserve Bank of India (RBI) cancelled the license of Pune based Seva Vikas Co-operative Bank as the urban cooperative bank lacked adequate capital and earning prospects.

The bank ceases to carry on banking business, with effect from the close of business on October 10, 2022, RBI said in a statement.Earlier in August 2022 , it had cancelled the license of Pune-based Rupee Cooperative Bank. 

RBI action is facing legal challenge in Bombay High Court.