Close on the heels of the appointment of an administrator for the crisis-hit Metro Co-operative Bank, the Reserve Bank of India (RBI) has issued a show-cause notice to the bank, asking it to clarify why its license should not be revoked. | |
| The RBI has directed the bank to file its reply within one month. |
| |
| "The RBI has issued the show-cause notice, which is mainly in view of the negative financial position of Metro Bank. The bank's loan advances are much higher than its deposits," Metro Bank administrator Chhotu Chaudhary, said. |
| |
| "The RBI has directed us to submit the details of the recovery made so far and the measures we intend to take to recover the advances, within one month. We would file an appropriate reply in the next couple of weeks," he added. |
| |
|
| |
