https://www.taxtmi.com/news?id=11849 The Reserve Bank cancelled the licence of Shri Siddhi Vinayak Nagari Sahakari Bank Ltd. effective September 25, 2013, and requested winding up and appointment of a liquidator because the bank had ceased to be solvent, revival efforts failed, and its affairs were detrimental to depositors. Statutory inspections revealed negative networth and CRAR, high NPAs, deposit erosion, fraudulent accounting entries, defaults in CRR/SLR, regulatory breaches and unresolved frauds. Licence cancellation prohibits the bank from carrying on banking business and triggers liquidation and insured deposit repayment under the DICGC scheme. en-us Tue, 15 Oct 2013 09:18:49 +0530 Tue, 15 Oct 2013 09:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11849 The Reserve Bank cancelled the licence of Shri Siddhi Vinayak Nagari Sahakari Bank Ltd. effective September 25, 2013, and requested winding up and appointment of a liquidator because the bank had ceased to be solvent, revival efforts failed, and its affairs were detrimental to depositors. Statutory inspections revealed negative networth and CRAR, high NPAs, deposit erosion, fraudulent accounting entries, defaults in CRR/SLR, regulatory breaches and unresolved frauds. Licence cancellation prohibits the bank from carrying on banking business and triggers liquidation and insured deposit repayment under the DICGC scheme. News - Tue, 15 Oct 2013 09:18:49 +0530 https://www.taxtmi.com/news?id=11849