Reserve Bank of India has cancelled the
licence of Nashik based Independence Co-operative Bank Limited. The bank
will not be allowed to carry out any operations henceforth and a
liquidator will be appointed soon.
RBI has clarified that the bank does not have adequate capital and
earning prospects. It said that the bank's present financial position is
such that it will not be able to pay its depositors in full and public
interest would be adversely affected if the bank is allowed to carry on
with its business.
RBI said that post liquidation, every depositor will be entitled to
receive deposit insurance claim amount upto a monetary ceiling of five
lakh rupees only. The apex bank has said that more than 99 percent of
the depositors are entitled to receive the full amount of their deposits
from Deposit Insurance and Credit Guarantee Corporation.
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(With input from news agency language)
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