https://www.taxtmi.com/news?id=13373 Cancellation of the bank's licence was ordered due to insolvency, failed revival efforts and substantial supervisory findings of regulatory noncompliance, including negative capital adequacy, accumulated losses, high NPAs, default in statutory reserves, non publication of auditor reports, absence of required government securities investments, concentrated related party exposures, deficient audit and credit systems, and failure to present a viable revival or merger plan; a show cause notice was issued and replies were unsatisfactory, leading to licence cancellation, commencement of liquidation and invocation of deposit insurance subject to scheme terms. en-us Wed, 10 Sep 2014 16:38:37 +0530 Wed, 10 Sep 2014 16:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=13373 Cancellation of the bank's licence was ordered due to insolvency, failed revival efforts and substantial supervisory findings of regulatory noncompliance, including negative capital adequacy, accumulated losses, high NPAs, default in statutory reserves, non publication of auditor reports, absence of required government securities investments, concentrated related party exposures, deficient audit and credit systems, and failure to present a viable revival or merger plan; a show cause notice was issued and replies were unsatisfactory, leading to licence cancellation, commencement of liquidation and invocation of deposit insurance subject to scheme terms. News - Wed, 10 Sep 2014 16:38:37 +0530 https://www.taxtmi.com/news?id=13373