Liquidator appointed for Anand Co-op Bank

Anand, Mar 28 (UNI) The Registrar of Co-operatives, Gandhinagar today appointed a liquidator for Anand Urban Co-operative Bank.

The move follows after the bank's licence was cancelled by the Reserve Bank of India (RBI) yesterday, as it was in severe financial stress from 2002.

Deepak Dalal has been appointed as the liquidator.

Before October 9, 2002, the bank had paid its depositors 25 per cent, while from February 8, 2003, to December 18, 2005, it paid 40 per cent. However, the central bank stopped it from paying its depositors on December 20, 2005.

The bank has outstanding loans of Rs 24 crore and non-performing assets (NPAs) worth Rs 19 crore.

UNI