https://www.taxtmi.com/news?id=12491 The Reserve Bank cancelled the bank's licence under Section 22 due to sustained insolvency, regulatory non compliance and ineffective management, after statutory inspections showed negative net worth, severely negative CRAR, deposit erosion, high gross NPAs and accumulated losses. Following directions, board supersession, administrator appointment and an unsatisfactory response to a Show Cause Notice, no merger proposal materialised. Licence cancellation prohibits the bank from carrying on banking business and triggers liquidation and insured deposit repayment under the Deposit Insurance and Credit Guarantee framework. en-us Thu, 20 Feb 2014 18:51:37 +0530 Thu, 20 Feb 2014 18:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=12491 The Reserve Bank cancelled the bank's licence under Section 22 due to sustained insolvency, regulatory non compliance and ineffective management, after statutory inspections showed negative net worth, severely negative CRAR, deposit erosion, high gross NPAs and accumulated losses. Following directions, board supersession, administrator appointment and an unsatisfactory response to a Show Cause Notice, no merger proposal materialised. Licence cancellation prohibits the bank from carrying on banking business and triggers liquidation and insured deposit repayment under the Deposit Insurance and Credit Guarantee framework. News - Thu, 20 Feb 2014 18:51:37 +0530 https://www.taxtmi.com/news?id=12491