Apex Bank on December 30, through their press release announced the cancellation of two cooperative bank licenses due to the cease to carry out banking activities, and also requested the registrar of society of their respective states to start the winding-up legal procedure.
The names of the two co-operative banks are:
1. Musiri Urban Cooperative Bank Limited (Musiri, Tamil Nadu)
2. The Faiz Mercantile Cooperative Bank Limited (Nashik, Maharashtra)
Apex Bank canceled the license of the bank as;
1. Failed to comply with the requirement of sections/rules mentioned in the Banking Regulation 1949.
2. Does not have adequate capital and earning prospectus, adverse effect on public interest, if carry operation.
3. Unable to pay to depositors, etc.
Every depositor is entitled to receive their respective amount as per the provision of the Deposit Insurance Credit Guarantee Corporation (DICGC) Act, 1961.
According to the Apex Bank data,
| Bank Name | Entitled to the full amount | DICGC (Payment) |
| Musiri Urban Cooperative | 98.67% | Rs. 1.3442 Crore (Sep, 30) |
| The Faiz Mercantile Cooperative | 99.87% | Rs. 7.07 Crore (Oct, 30) |