RBI Cancels Licence Of Alwar Urban Co-Operative Bank

The RBI 07 July 2018 said the license of Alwar Urban Co-operative Bank in Alwar, Rajasthan has been canceled as it is not in a position to pay its depositors in full as and when their claims accrue, among other reasons.

The present financial position of the bank leaves no scope for its revival, adding that the cancellation of the license is effective from the close of business on July 5.

The Registrar of Co-operative Societies, Rajasthan has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Alwar Urban Co-operative Bank as per the DICGC Act will be set in motion.

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