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RBI cancels licence of cooperative bank

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Press Trust of India

Posted: Jan 01, 2008 at 0000 hrs IST

Mumbai, December 31 The Reserve Bank of India (RBI) today cancelled the licence of a cooperative bank in Gujarat after efforts to revive the lending institution failed.

All attempts to revive Dakor Mahila Nagarik Sahakari Bank had failed and depositors were facing inconvenience by the continued uncertainty, the RBI said in a release.

The Registrar of Co-operative Societies, Gujarat has been asked to issue an order for winding up the bank and appoint a liquidator, it said.

On liquidation, every depositor is entitled to repayment of his deposits up to a monetary ceiling of Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation under usual terms and conditions, it added.

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