Insolvency leads to the cancellation of license of Ghaziabad Urban Cooperative Bank
By Neelima Shankar
Nov 20, 2012
Print    Email    RSS   

The banking regulator, Reserve bank of India, has repealed the banking license of Ghaziabad Urban Cooperative Bank due to its bankruptcy.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.

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

 Select a product:

Carnival of Indian Personal Finance Blogs #1
Carnival of Indian Personal Finance Blogs #6
PPF- How good an investment option!!
Steps to file Income Tax return online
Personal Finance for the 21st century...

how to download my account details
last six months statement

HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive