https://www.taxtmi.com/news?id=12655 The Reserve Bank rejected the bank's application for a licence under Section 22(3) and directed cessation of banking business, requesting winding up and appointment of a liquidator; this follows statutory inspections and supervisory reviews revealing sustained negative net worth, inadequate CRAR, high NPAs, regulatory breaches, KYC and reporting lapses, frauds, and unsuccessful remediation efforts, and depositors will be eligible for repayment under the Deposit Insurance scheme subject to its terms. en-us Wed, 23 Apr 2014 16:24:02 +0530 Wed, 23 Apr 2014 16:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=12655 The Reserve Bank rejected the bank's application for a licence under Section 22(3) and directed cessation of banking business, requesting winding up and appointment of a liquidator; this follows statutory inspections and supervisory reviews revealing sustained negative net worth, inadequate CRAR, high NPAs, regulatory breaches, KYC and reporting lapses, frauds, and unsuccessful remediation efforts, and depositors will be eligible for repayment under the Deposit Insurance scheme subject to its terms. News - Wed, 23 Apr 2014 16:24:02 +0530 https://www.taxtmi.com/news?id=12655