Financial Daily from THE HINDU group of publications
Thursday, Sep 16, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 16, 2004 |
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Money & Banking
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Co-operatives RBI cancels licence of Samasta Nagar Co-op Bank Our Bureau
ANOTHER ONE BITES THE DUST?: Depositors waiting outside the The Samasta Nagar Co-op Bank main branch office in Fort Mumbai on Wednesday on hearing that the RBI had cancelled the banking licence owing to its weak financial health. - Paul Noronha
Mumbai , Sept. 14 THE Reserve Bank of India has cancelled the banking licence of the Mumbai-based Samasta Nagar Co-operative Bank due to the bank's deteriorated financial health. A spokesperson for the central bank confirmed the development and said the regulator had cancelled the licence of the co-operative bank on account of the bank's accumulated losses to the tune of Rs 9 crore. The bank, which has four branches in Mumbai, has a deposit base of Rs 30 crore. In August, the regulator had imposed restrictions on the business dealings of South Indian Co-operative Bank and Maratha Mandir Co-operative Bank, following a run on the deposits of both banks after reports of their weak financial condition.
More Stories on : Co-operatives | Maharashtra | RBI & Other Central Banks
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