NEWS & ADVICE : SAVINGS ACCOUNTS
Insolvency leads to the cancellation of license of Ghaziabad Urban Cooperative Bank
By Neelima Shankar
Nov 20, 2012
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The banking regulator, Reserve bank of India, has repealed the banking license of Ghaziabad Urban Cooperative Bank due to its bankruptcy.

Announcing the cancellation of license of the co-operative bank, RBI issued a notification which said, "In view of the fact that Ghaziabad Urban Cooperative Bank, Ghaziabad (UP), had ceased to be solvent and with all efforts to revive it having failed ... The Reserve Bank of India delivered the order cancelling its license to the bank on November 16, 2012."

To initiate the process of winding up of the bank, RBI has asked the Commissioner of Cooperation and Registrar of Cooperative Societies of Uttar Pradesh government to pass the order of winding up of the bank and also assign a liquidator for the bank for the process.

Ghaziabad Urban Cooperative Bank was granted the license to begin banking operations on April, 1997. Following the revoking of its banking license, reportedly because it became insolvent, the bank stands prohibited from doing any banking operations like accepting or repaying deposits etc.


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