https://www.taxtmi.com/news?id=11710 The Reserve Bank cancelled the bank's licence after statutory inspections showed negative net worth, substantially negative CRAR, rising gross and net NPAs, deposit erosion, defaults in statutory reserve requirements and operational violations; the board was superseded, an administrator appointed, show cause proceedings produced unsatisfactory replies, and liquidation was requested so that depositor repayment may proceed under the Deposit Insurance and Credit Guarantee Corporation scheme while the bank is prohibited from carrying on banking business. en-us Sat, 14 Sep 2013 12:29:53 +0530 Sat, 14 Sep 2013 12:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11710 The Reserve Bank cancelled the bank's licence after statutory inspections showed negative net worth, substantially negative CRAR, rising gross and net NPAs, deposit erosion, defaults in statutory reserve requirements and operational violations; the board was superseded, an administrator appointed, show cause proceedings produced unsatisfactory replies, and liquidation was requested so that depositor repayment may proceed under the Deposit Insurance and Credit Guarantee Corporation scheme while the bank is prohibited from carrying on banking business. News - Sat, 14 Sep 2013 12:29:53 +0530 https://www.taxtmi.com/news?id=11710