RBI cancels the Licence of the Jijamata Mahila Sahakari Bank Ltd., Satara, Maharashtra - ਆਰਬੀਆਈ - Reserve Bank of India
RBI cancels the Licence of the Jijamata Mahila Sahakari Bank Ltd., Satara, Maharashtra
The Reserve Bank of India (RBI) has, vide order dated June 30, 2016 cancelled the licence of Jijamata Mahila Sahakari Bank Ltd., Satara, Maharashtra to carry on banking business. The order was made effective from the close of business on July 4, 2016. The Registrar of Co-operative 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:
Consequent to the cancellation of its licence, Jijamata Mahila Sahakari Bank Ltd., Satara, Maharashtra, is prohibited from conducting the business of ‘banking’ as defined in Section 5(b) of the B R Act, 1949 (AACS) with immediate effect. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Jijamata Mahila Sahakari Bank Ltd., Satara, Maharashtra, as per the DICGC Act, 1961 will be set in motion. On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 1,00,000/- (Rupees One lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions. Ajit Prasad Press Release : 2016-2017/336 |