The Hindu Business Line : RBI cancels licences of 2 co-ops

The Reserve Bank of India has cancelled the licences of Basavakalyan Pattana Sahakara Bank Niyamith, Karnataka and Umreth Peoples Co-operative Bank Ltd, Gujarat as they have ceased to be solvent. The Registrar of Co-operative Societies in Karnataka and Gujarat have been asked to issue orders for winding up and appointing liquidators for the banks.

On liquidation, every depositor is entitled to repayment of his deposits up to a monetary ceiling of Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation.

More Stories on : Co-operatives | RBI & Other Central Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
GTF to take factoring to semi-urban centres

South Indian introduces e-fund transfer

Reinsurance ceding commissions shrink

UTI opens 2 more branches

PNB credit scheme for Kerala farmers

IRFC's cost of borrowing comes down

City Union Bank trims NRE rates

Allahabad Bank eyes acquisition in South

FDI cap hike in insurance opposed

GIC inks pact with Japanese body

RBI cancels licences of 2 co-ops