Licence of Shree Vardhaman Co-operative Bank cancelled

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Mumbai, Nov 21 (UNI) The Reserve Bank of India has cancelled the licence of the Bhavnagar-based Shree Vardhaman Co-operative Bank Ltd with immediate effect.

The bank had ceased to be solvent and all efforts to revive it in close consultation with the Government of Gujarat had failed, a release issued by RBI said here today.

Consequent to the cancellation of its licence, the Bank has been prohibited from carrying on banking business as defined in Section 5(b) of the Banking Regulation Act, 1949.

The Registrar of Co-operative Societies, Gujarat, has also been requested to issue an order for winding up the bank and appoint a liquidator. ] On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs one lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions.

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