Financial Daily from THE HINDU group of publications
Thursday, May 18, 2006

Cross Currency

Group Sites

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.

More Stories on : Co-operatives | RBI & Other Central Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Regional rural banks to market MF units

Anti-outsourcing day observed
RBI Act amendments: `Positive for banking sector'
RBI gets more flexibility on CRR, SLR; Bill passed
MoneyGram to expand agents network
Govt wants debt cap hike for Ultra Mega projects
Bank of Rajasthan deposit rates up
Baroda co-op bank licence cancelled
KVB board meet to consider bonus, rights issues
P.L. Gairola is Dena Bank CMD

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line