RBI requires RCS to wind up The Nayaka MercantileCo-operative Bank Ltd., Nayaka, Dist : Kheda
Case Brief
The Reserve Bank of India requisitioned the Registrar of Co-operative Societies, Gujarat to wind up The Nayaka Mercantile Co-operative Bank Ltd., Nayaka, Dist. Kheda. In response, the Registrar appointed a liquidator for the bank. The release says the bank should not accept deposits from the public and should not allow withdrawals by cheque, draft, order or otherwise, indicating cessation of normal banking operations.
RBI issued a requisition under Section 13D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 and Section 115A(2) of the Gujarat Co-operative Societies Act, 1961 to wind up The Nayaka Mercantile Co-operative Bank Ltd., Nayaka, Dist. Kheda. Following the requisition, the Registrar of Co-operative Societies, Gujarat State appointed a liquidator for the bank. The release states that the bank will not be in order to accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Winding up of a co-operative bank with appointment of a liquidator is effectively a cancellation/closure action and falls at severity 5.
The bank is placed into liquidation, which prevents it from carrying on ordinary deposit-taking and withdrawal operations. Depositors are affected because fresh deposits should not be accepted and withdrawals are restricted as stated in the release. The action is immediate upon the winding-up requisition and liquidation appointment.
Published as The Nayaka Mercantile Co-operative Bank Ltd., Nayaka, Dist. Kheda
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