Considering the extremely unsatisfactory financial position of the Dadar Janata Sahakari Bank Ltd., Dadar, Mumbai, the Reserve Bank of India vide its order dated December 16, 1997 passed in terms of the power vested in it under Section 22(4) of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) has cancelled the licence of the said bank to conduct banking business in India.

(Alpana Killawala)
General Manager

Press Release : 1997-98/620