RBI cancels licence of Kolhapur-based Shivam Sahakari Bank SECTIONS Last Updated: Jan 29, 2021, 09:22 PM IST Share Synopsis With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Shivam Sahakari Bank as per the DICGC Act, 1961 will be set in motion. Agencies MUMBAI: The RBI on Friday said the licence of Maharashtra-based Shivam Sahakari Bank has been cancelled as it does not have adequate capital and earning prospects. "Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 29, 2021," the central bank said in a statement. As per the data submitted by the Kolhapur-based bank, more than 99 per cent of the depositors are fully insured by Deposit Insurance and Credit Guarantee Corporation (DICGC).