Reserve Bank of India cancels the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra - ആർബിഐ - Reserve Bank of India
Reserve Bank of India cancels the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra
The Reserve Bank of India (RBI), vide order dated December 29, 2023, has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on December 29, 2023. The Commissioner and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as:
2. Consequent to the cancellation of its licence, Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect. 3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, 99.77% of the depositors are entitled to receive full amount of their deposits from DICGC. As on October 31, 2023, DICGC has already paid ₹185.38 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank. (Yogesh Dayal) Press Release: 2023-2024/1585 |