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Our Bureau

Mumbai, June 15

The Reserve Bank has cancelled the licence of Shriram Sahakari Bank Ltd, Nashik, Maharashtra, with effect from June 13. It RBI has asked the Registrar of Co-operative Societies, Maharashtra, to issue an order for winding up the bank and appoint a liquidator. On liquidation, every depositor is entitled to repayment up to Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under the usual terms and conditions. RBI, in a release, said all efforts to revive the bank in consultation with the Maharashtra Government had failed and the depositors were being inconvenienced by continued uncertainty. The decision to cancel the licence was taken in order to protect the interest of the depositors, it said.

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