Reserve Bank Cancels the Licence of Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra)


Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra), with 10 + branches has ceased to exist with Reserve Bank of India, deciding to cancel its’ licence.

Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra), was granted a Banking licence in 1979

The downfall of the Bank, started with the RBI annual inspection for the FY 2004-2005.

RBI had also imposed a monetary penalty of Rs5 lacs,  for not adhering to RBI rules regarding maintenance of investments in government securities,  

The Banks’ branches are  at MAIN BR,FOREST BR,MANGALWAR PETH B R,NEW PACHHA, BHAVANIPT, MADAV NGR, NEHRU NGR, NAVI PETH, GANDHI NGR

As is the norm, with the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra), the amount insured as per the DICGC Act, will be set in motion subject to the terms and conditions of the Deposit Insurance Scheme.

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