The Live Ahmedabad
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured

The Live Ahmedabad

  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
Gujarat

RBI cancelled licence of Ahmedabad’s Colour Merchants Co-operative Bank

by TLAteam April 18, 2025April 18, 2025
written by TLAteam April 18, 2025April 18, 2025
RBI cancelled licence of Ahmedabad’s Colour Merchants Co-operative Bank

RBI has cancelled the licence of Ahmedabad-based ‘Colour Merchants Co-operative Bank’ as the lender does not have adequate capital and earning prospects.

Registrar of Cooperative Societies, Gujarat, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, the Reserve Bank of India (RBI) said in a statement.

On liquidation, every depositor would be entitled to receive the deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI further said as per the data submitted by the co-operative bank, about 98.51 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC.

As of March 31, 2024, DICGC has already paid Rs 13.94 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank.

Giving reasons behind cancellation of the licence, RBI said the bank does not have adequate capital and earning prospects.

The cooperative bank has also failed to comply with certain requirements under the Banking Regulation Act.

according to RBI,”The continuance of the bank is prejudicial to the interest of the depositors. The bank with its present financial position would be unable to pay its present depositors in full”.And RBI also said that public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

0 comment
previous post
Residents of Lambeshwar Ni Pol Restrict Photography Due to Daily Disruptions
next post
Kesari Chapter 2 Review: A Hard-Hitting, Rousing Tale with Stellar Performances

You may also like

Heavy Rain Floods Ahmedabad; Red Alert Issued, 50...

May 9, 2025

Heavy Rain Expected in Surat, Navsari, Valsad and...

May 9, 2025

Blackout timing finalised for Eastern, Western, and Central...

May 7, 2025

14 killed as rain, thunderstorm hit Gujarat; Congress...

May 7, 2025

Gujarat Launches 24/7 Toll-free Helpline for Clean Drinking...

May 3, 2025

PURE Opens New Showroom in Bhuj to Boost...

May 3, 2025

Somnath Temple to Get Major Makeover Worth Rs...

May 3, 2025

Rain Expected in Gujarat Over Next 5 Days,...

May 2, 2025

Gujarat Day: Chefs highlight lesser-known Gujarati dishes you...

May 1, 2025

CM heartfelt Greetings on Gujarat’s 65th Foundation Day

May 1, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • Airspace Restrictions Extended: 24 Airports Near India’s Western Borders to Remain Closed Till May 15

    May 9, 2025
  • Heavy Rain Floods Ahmedabad; Red Alert Issued, 50 Areas Affected, More Rain Likely

    May 9, 2025
  • Home Ministry Orders Nationwide Civil Defence Drill

    May 9, 2025
  • Sensex Crashes 880 Points, Nifty Falls 265 as India-Pakistan Tensions Rattle Markets

    May 9, 2025
  • RudraGol Shines at State and National Skating Championship

    May 9, 2025
April 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
282930 
« Mar May »
Footer Logo
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms of use
  • Advertise with Us
  • Work With Us
  • Contact Us

© 2021 - The Live Ahmedabad. All Rights Reserved.