Tag Archives: Mirzapur (Uttar Pradesh)

5 Reasons – Reserve Bank of India cancels the Licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur (Uttar Pradesh)

  1. The Banks ceased to be insolvent
  2. All efforts to revive the bank failed
  3. As on March 31, 2009, the Gross and Net NPAs were very high and stood at 54.14% and 48.74% respectively.
  4. As on March 31, 2013, the erosion of deposit had reached the level of 27.03%
  5. A merger proposal with respect to the bank was received in June 2014 which was also not found viable, as it did not meet the regulatory requirements. As such, there is no viable merger proposal under consideration.

mirzapur_FotorIn view of the above,  RBI took the extreme measure of cancelling the licence of the bank in the interest of bank’s depositors. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur (Uttar Pradesh) the amount insured as per the DICGC Act, will be set in motion subject to the terms and conditions of the Deposit Insurance Scheme.

Mirzapur is famous for its hand knotted carpets and also Blue Potteries, toys of Chunar stone, Sculptures and Brassware.