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The Reserve Bank of India (RBI) has cancelled the licence of Millath Co-operative Bank Ltd based in Davangere, Karnataka, saying all depositors will receive their money.
"As on May 18, 2022, DICGC has already paid Rs 10.38 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961, based on the willingness received from the concerned depositors of the bank," the RBI said in a press release, referring to the Deposit Insurance and Credit Guarantee Corporation.
Millath does not have adequate capital and earning prospects and as such does not comply with provisions of Section 11 (1) and Section 22 (3) d read with Section 56 of the Banking Regulation Act, 1949. Its continuance is against the interests of depositors, the RBI said.
"The Registrar of Co-operative Societies, Karnataka, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank," the RBI said.
