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RBI cancels licence of Vaishali Urban Co-op Bank

The bank had ceased to be solvent

June 20, 2013 12:28 IST | India Infoline News Service
The Reserve Bank of India (RBI) on June 12 cancelled the licence of Vaishali Urban Co-operative Bank in Jaipur as the bank had ceased to be solvent.

The Registrar of Co-operative societies, Government of Rajasthan has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, the RBI said in a press release on Wednesday.

On liquidation, every depositor is entitled to repayment of deposits up to a monetary ceiling of Rs. 1 lakh from the Deposit Insurance and Credit Guarantee Corporation under usual terms and conditions.

The bank was granted a licence by RBI on March 2, 1998 to conduct banking business under Section 22 of the Banking Regulation Act, 1949.

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