https://www.taxtmi.com/news?id=13223 The Reserve Bank cancelled The Vasavi Co-operative Urban Bank Ltd.'s licence effective July 14, 2014 after finding the bank insolvent, non compliant with minimum capital and reserve requirements under the Banking Regulation Act, and subject to persistent governance and liquidity failures. A Show Cause Notice was issued and, following unsatisfactory replies, the bank was prohibited from carrying on banking business and referred for winding up; depositors will be eligible for insured repayments under the DICGC scheme subject to its terms. en-us Sat, 02 Aug 2014 12:20:46 +0530 Sat, 02 Aug 2014 12:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=13223 The Reserve Bank cancelled The Vasavi Co-operative Urban Bank Ltd.'s licence effective July 14, 2014 after finding the bank insolvent, non compliant with minimum capital and reserve requirements under the Banking Regulation Act, and subject to persistent governance and liquidity failures. A Show Cause Notice was issued and, following unsatisfactory replies, the bank was prohibited from carrying on banking business and referred for winding up; depositors will be eligible for insured repayments under the DICGC scheme subject to its terms. News - Sat, 02 Aug 2014 12:20:46 +0530 https://www.taxtmi.com/news?id=13223