With effect from 16/11/2012, Ghaziabad Urban Co-operative Bank Ltd., Ghaziabad (UP), ceased to exist.
This is as per RBI notification. The extreme step was taken after all the efforts to revive the bank failed. There was no justification for the continued uncertainty amongst the Bank depositors.
As in every bank liquidation, every depositor would be entitled to repayment of his/her deposits up to a monetary ceiling of Rs1,00,000/- (Rupees one lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The bank was pretty young, with RBI granting a licence in 1997. The bank somehow by 2001, was in a bad financial position.
Ghaziabad is also known as the ‘Gateway to UP’. It is on the border of New Delhi, and can said to be a prosperous suburb of New Delhi.
The present day Ghaziabad was founded in 1740 and its original name was Ghaziuddinnagar. After the opening the railway line the name of the place was shortened to Ghaziabad.
Re-disseminated by Prashant N. Banker by daytime, blogger by night.
- Flash: Saraki Bank, Societe Generale, To Return As Heritage Bank (mosvin.wordpress.com)
- ‘HSBC arranged for opening of accounts abroad and withdrawal from Delhi itself’ (thehindu.com)