RBI prohibits Parbhani-based Chetak Co-op Bank

Mumbai, May 24 (UNI) The Reserve Bank of India (RBI) has prohibited Parbhani-based Chetak Urban Co-operative Bank Ltd from carrying on 'banking business' including acceptance and repayment of deposits.

The RBI had cancelled the licence of the bank and urged the depositors of the bank that they may approach Mr Anand Prakash, General Manager, Urban Banks Department, RBI Nagpur, for any clarifications.

The bank had ceased to be solvent, when all efforts to revive it failed, the RBI said in a release here today.

UNI