Reserve Bank Cancels the Licence of Shri Kamdar Sahakari Bank Ltd., Bhavnagar - ആർബിഐ - Reserve Bank of India
Reserve Bank Cancels the Licence of Shri Kamdar Sahakari Bank Ltd., Bhavnagar
In view of the fact that Shri Kamdar Sahakari Bank Ltd., Bhavnagar, had ceased to be solvent, all efforts to revive it in close consultation with the Government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank after the close of business on November 06, 2009. The Registrar of Co-operative Societies, Gujarat has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. It may be highlighted that on liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs.1,00,000/- (Rupees One lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions. Consequent to the cancellation of its licence, Shri Kamdar Sahakari Bank Ltd., Bhavnagar, Gujarat is prohibited from carrying on ‘banking business’ as defined in Section 5(b) of the Banking Regulation Act, 1949 (AACS) including acceptance and repayment of deposits. For any clarifications, depositors may approach Shri C.N. Modi, Assistant General Manager, Urban Banks Department, Reserve Bank of India, Ahmedabad. His contact details are as below: Postal Address: Urban Banks Department, Reserve Bank of India, Ahmedabad Regional Office, La Gajjar Chambers, Ashram Road, Ahmedabad -380 009, Telephone No. (079) 26589338, Fax No. (079) 26584853. Email. Ajit Prasad |