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Money & Banking - Co-operatives


Baroda co-op bank licence cancelled

Our Bureau

Mumbai, May 17

The Reserve Bank of India has cancelled the licence of the Baroda Mercantile Co-operative Bank, Vadodara, since it has ceased to be solvent. The Registrar of Co-operative Societies has also been requested to issue an order for winding up the bank and appoint a liquidator, said an RBI release. On liquidation, every depositor would be entitled to repayment of deposits up to a monetary ceiling of Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation. "The RBI decided to cancel the license of the Baroda Mercantile Co-operative Bank Ltd as a final step after examining all the options for the revival of the bank and in order to protect the interest of the depositors," said the release.

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