RBI cancels the Licence of the Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra - RBI - Reserve Bank of India
RBI cancels the Licence of the Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra
The Reserve Bank of India (RBI) has cancelled the licence of Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra. The order was made effective from the close of business on December 28, 2016.The Registrar of Co-operative Societies, Maharashtra, has also been requested to issue an order for winding up of the bank and appoint a liquidator. The Reserve Bank cancelled the licence of the bank as:
Consequent to the cancellation of its licence, Shri Sai Urban Co-operative Bank Ltd.,Mukhed, Dist. Nanded, 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 Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, (Maharashtra), as per the Deposit Insurance and Credit Guarantee Corporation (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 : 2016-2017/1722 |