Fri. Oct 7th, 2022


The Commissioner for Cooperation and Registrar of
picture supply : PTI/FILE The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has additionally been requested to concern an order for winding up the financial institution and appoint a liquidator for the financial institution.

Maharashtra’s Laxmi Co-operative financial institution information: The Reserve financial institution of India (RBI) on Thursday (September 22) cancelled the licence of Maharashtra’s Laxmi Co-operative financial institution restricted. The central financial institution has cancelled the co-operative financial institution’s license as a consequence of it would not have passable capital and incomes prospects.

The financial institution will cease to maintain on banking enterprise, with impression from the shut of enterprise on September 22, 2022, an announcement from RBI mentioned. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has additionally been requested to concern an order for winding up the financial institution and appoint a liquidator for the financial institution.

“The Laxmi Co-operative financial institution restricted, Solapur, Maharashtra is prohibited from conducting the enterprise of ‘banking’ which incorporates, amongst completely different issues, acceptance of deposits and reimbursement of deposits as outlined in part 5(b) study with part fifty six of the Banking Regulation Act, 1949 with rapid impression,” the assertion mentioned.

“On liquidation, every depositor could be entitled to receive deposit insurance coverage declare quantity of his/her deposits as a lot as a monetary ceiling of ₹5,00,000/- (Rupees 5 lakh solely) from Deposit insurance coverage and credit rating guarantee company (DICGC) topic to the provisions of DICGC Act, 1961,” it added.

As per the knowledge submitted by the financial institution, about ninety nine% of the depositors are entitled to receive full quantity of their deposits from DICGC. As on September thirteen, 2022, DICGC has already paid Rs 193.sixty eight crore of the full insured deposits beneath the provisions of part 18A of the DICGC Act, 1961 primarily based on the willingness acquired from the involved depositors of the financial institution.

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