RBI prevents Parivartan from carrying on banking business

By Staff
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Google Oneindia News

Mumbai, June 5 (UNI) The Reserve Bank of India (RBI) has prohibited Mumbai-based Parivartan Co-operative Bank Limited from carrying on banking business including acceptance and repayment of deposits with immediate effect.

The RBI had cancelled the licence of the bank after issuing a show cause notice followed by a statutory inspection of the bank.

The stringent action was initiated by the Central Bank as all efforts to revive it in close consultation with the Government of Maharashtra failed.

The registrar of co-operative socieites, Maharashtra has also been requested to issue an order for winding up the bank and to appoint a liquidator for the bank. The RBI said that on liquidation, every depositor is entitled to repayment of his/her deposit upto a monetary ceiling of Rs One lakh from the Deposit Insurance and Credit Gurantee Corporation (DICGC) under usual terms and conditions.

The RBI further urged depositors of the bank that they may approach Garment House General Manager In-Charge R Ganesan for any clarification.

UNI

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