SPONSORED BY

Auto Segment
Mutual Fund Segment
My Budget
Expert Speak
In Association With
 
Business Standard

RBI cancels licence of Coop Bank in Latur district

Related News

The Reserve Bank of India (RBI) has cancelled the licence of Bhimashankar Nagari Sahakari Bank Ltd, of Ausa in Latur district of Maharashtra.

In view of the fact that had ceased to be solvent, all efforts to revive it in close consultation with the had failed and the depositors were being inconvenienced by continued uncertainty, the on May 3, 2012 delivered its order dated April 25, 2012 to the bank cancelling its licence to carry out banking business, an RBI statement said.

"The Registrar of Co-operative Societies, Maharashtra State has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank," the statement said.

On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs one lakh from the (DICGC) under usual terms and conditions. The bank was granted a licence by RBI on January 27, 1997 to commence banking business.

Read more on:   
|
|
|

Read More

Rupee touches new low at Rs 56.5 vs dollar

The rupee today tumbled by 26 paise to trade at a new low of Rs 56.50 against the US dollar in early trade on increased capital outflows and strong ...

Recommended for you

Quick Links

More news from Finance Rss icon

Government sets the ball rolling

New monetary framework for inflation targeting approved; priority-sector lending norms revised

Interest rate cuts may hit slow lane

Govt expects to achieve fiscal deficit target of 4.1% of GDP for FY16

Axis, YES Bank to benefit as FM relaxes cap on FII shareholding

At present, foreign shareholding in private sector banks is capped at 74% of paid-up voting equity capital

Back to Top