RBI cancels licence of Ghaziabad Urban Cooperative bank

RBI also asked the UP commissioner of Cooperation and Registrar of Cooperative Societies to issue an order for winding up Ghaziabad Urban Cooperative Bank as well as appoint a liquidator for the bank

Mumbai: The Reserve Bank of India (RBI) has cancelled the licence of Ghaziabad Urban Cooperative Bank as it had become insolvent, reports PTI.

"In view of the fact that Ghaziabad Urban Cooperative Bank, Ghaziabad (UP), had ceased to be solvent and with all efforts to revive it having failed ... the Reserve Bank of Indiadelivered the order cancelling its licence to the bank on 16 November 2012," RBI said in anotification today.

RBI said it has asked the commissioner of Cooperation and Registrar of Cooperative Societies of Uttar Pradesh government to issue an order for winding up the bank as well as appoint a liquidator for the bank.

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