RBI cancels licence of Rohe Ashtami Sahakari Urban Bank

Mumbai, Sep 24 (UNI) The Reserve Bank of India has cancelled the licence of The Rohe Ashtami Sahakari Urban Bank Limited, situated at Roha in Raigad District of Maharashtra, as it ceased to be solvent.

RBI, in a release here, said all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty.

The Registrar of Co-operative Societies has also been requested to issue an order for winding up the bank and appoint a liquidator.

It may be highlighted that on liquidation, every depositor is entitled to repayment of his/her deposits up to a ceiling of Rs 1,00,000/- (Rupees one lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions.

The bank was granted licence to commence business on October 26, 1987.

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