RBI cancels licence of Raghuvanshi Co-op Bank

Mumbai, March 24 | Updated: Mar 25 2005, 05:30am hrs
The Reserve Bank of India has cancelled the licence of Mumbai-based Raghuvanshi Cooperative Bank Ltd as the bank ceased to be solvent.

It has also made a requisition to the Commissioner for Co-operation and Registrar of Cooperative Societies, Maharashtra, for winding up of the bank and to appoint a liquidator.

The central bank said all the depositors of Raghuvanshi Cooperative Bank are eligible to get their claims up to Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

The liquidator is required to expeditiously send the claims of all depositors to DICGC. Every effort will be made to complete the formalities within about 90 days to settle the depositors claims, said RBI in a statement.