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The Reserve Bank of India (RBI) had cancelled licence of yet another bank, this time Osmanabad-based Vasantdada Nagari Sahakari Bank Ltd while requesting Maharashtra’s commissioner for cooperation and registrar of cooperative Societies (RCS) to issue an order for winding up the bank and appoint a liquidator for the bank.
The official release said that the RBI vide an order on 8 January 2021 had cancelled the licence of Vasantdada Nagari Sahakari Bank to carry on banking business, with effect from the close of business on 11 January 2021.
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Vasantdada Nagari Sahakari Bank as per the DICGC Act, 1961 will be set in motion.