Mumbai: The Reserve Bank of India (RBI) has cancelled the licence of Andhra Pradesh-based Tandur Mahila Cooperative Urban Bank as there was no scope for revival of the ailing lender. RBI has also requested the Registrar of Cooperative Societies, Andhra Pradesh, to issue an order for winding up the cooperative bank and appoint a liquidator, a central bank release said Wednesday. Post-liquidation, every depositor of the cooperative bank will be entitled to repayment of deposits up to a monetary ceiling of Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC), it added. The cooperative bank, which was granted a banking licence by RBI on June 21, 2000, had been inspected by the apex bank many a times. However, deteriorating functioning standards along with financial irregularities left no scope for revival of this cooperative, RBI noted in its order.
Zee News
No comments:
Post a Comment