Vidarbha Urban Coop Bank closes down
By Joseph Samson
May 11, 2010
Print    Email    RSS   

Maharashtra based Vidarbha Urban Coop Bank has come to a closure after making many efforts to revive itself. The Reserve Bank of India has finally cancelled the license of the bank.

The RBI has taken this decision in light of the fact that the bank had become insolvent and had failed in all efforts done in consultation with Maharashtra administration to revive itself.

The apex bank had ordered a statutory inspection of the bank with reference to its financial position as on 31st March 2006. The results suggested that the bank was in a deplorable condition. As a result the RBI took over the bank's board and the bank could not come up with any suitable revival strategy.

The bank had come into operation not long back in 1998 only.

The RBI has directed the Registrar of Co-operative Societies of Maharashtra to bring out an order specifying the closure of the bank and appoint a liquidator for liquidation of its assets.

As per norms, after liquidation each depositor would be receiving maximum of Rs. 1 lakh for his deposits with the bank from the Deposit Insurance and Credit Guarantee Corporation.



(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Factors to Evaluate before opting for Home...
Manage your loans, avoid recovery agents
Home Loans: How to reduce your floating rate
A chronicle of excesses by loan recovery...
Top up loans: toppings on your home loan

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive