The Reserve Bank of India (RBI) has cancelled the licence of The Mirzapur Urban Co-operative Bank, Mirzapur (Uttar Pradesh), to carry on banking business. "In view of the fact that the bank had ceased to be solvent, all efforts to revive it had failed and the depositors were being inconvenienced by continued uncertainty," the RBI said.

Every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs 1,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions, RBI added.