https://www.taxtmi.com/news?id=3785 The Reserve Bank cancelled the licence of Rajiv Gandhi Sahakari Bank Ltd., Latur after successive statutory inspections revealed negative net worth, negative CRAR, sharply increased gross and net NPAs, accumulated losses and deposit erosion. Prior measures included directions prohibiting fresh deposits and lending, supersession of the board, directions under Section 35A and a Show Cause Notice; the bank's reply and lack of revival proposals were unsatisfactory. Consequent liquidation proceedings will enable insured depositor reimbursement under the DICGC scheme and the bank is prohibited from carrying on banking under Section 5(b). en-us Tue, 18 Sep 2012 15:44:50 +0530 Tue, 18 Sep 2012 15:44:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=3785 The Reserve Bank cancelled the licence of Rajiv Gandhi Sahakari Bank Ltd., Latur after successive statutory inspections revealed negative net worth, negative CRAR, sharply increased gross and net NPAs, accumulated losses and deposit erosion. Prior measures included directions prohibiting fresh deposits and lending, supersession of the board, directions under Section 35A and a Show Cause Notice; the bank's reply and lack of revival proposals were unsatisfactory. Consequent liquidation proceedings will enable insured depositor reimbursement under the DICGC scheme and the bank is prohibited from carrying on banking under Section 5(b). News - Tue, 18 Sep 2012 15:44:50 +0530 https://www.taxtmi.com/news?id=3785