RBI Cancels Licence of Chatrapur Co-op Bank

MUMBAI, May 30: The Reserve Bank of India (RBI) has cancelled
the licence of Chatrapur Co-operative Bank Ltd in Odisha.
In view of the fact that the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha. Had ceased to be solvent and with all efforts to revive it having failed. The Reserve Bank of India delivered to the bank the order cancelling its licence after the close of business on May 23, 2012, a RBI statement said.
The Registrar of Co-operative Societies, Government of Odisha; has also been requested to issue an order for winding up the bank and appoint a liquidator.
It may be highlighted that on liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling
of Rs One lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions. The statement added.
The Chatrapur Co-operative Bank Ltd was registered as a co-operative society on May 25, 1915 and granted a licence to carry on banking business under Section 22 of the Banking Regulation Act,1949 by the Reserve Bank of India (the Reserve Bank) on March 21, 1984.