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Our Bureau

Mumbai , March 9

The Reserve Bank of India (RBI) has cancelled the licence of Dabhoi Nagrik Sahakari Bank in Gujarat.

The RBI order was issued after the close of business at the bank on March 7, 2006. The Registrar of Co-operative Societies, Gujarat, has also been requested to issue an order seeking winding up of the bank and appointment of a liquidator, according to a release from RBI.

On liquidation, every depositor is entitled to repayment of deposits, up to Rs 1 lakh in value,from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI decided to cancel the bank's licence after examining all options for its revival and in order to protect the interests of depositors.

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