Reserve Bank Cancels the Licence of Vishwakarma Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra)


The banking licence of Vishwakarma Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra), has been cancelled with effect from the close of business of September 12, 2013.

As is the norm, on liquidation, every depositor will be  entitled to repayment of his/her deposits up to a monetary ceiling of Rs 1,00,000/- (Rupees one lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions.

The bank history is not very long, it was granted license in 1999. By, 2009, the downtrend started.

In India, there are two towns with the same name i.e Aurangabad. One in Maharashtra and another one in Bihar.

 

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