Ajantha Urban Cooperative Bank’s Licence Cancelled by RBI
Moneylife Digital Team 22 April 2025
Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Aurangabad-based Ajantha Urban Cooperative Bank Maryadit, due to inadequate capital and the lender's poor earnings prospects. RBI has asked Ajantha Urban Cooperative Bank to stop its banking business from 22 April 2025.
 
According to RBI, Ajantha Urban Cooperative Bank does not have adequate capital and earning prospects and has failed to comply with the requirements of the Banking Regulation Act.
 
“The continuance of Ajantha Urban Cooperative Bank is prejudicial to the interests of its depositors. With its present financial position, it would be unable to pay its present depositors in full. The public interest would be adversely affected if the Bank is allowed to carry on its banking business any further,” RBI says.
 
Due to the cancellation of its licence, Ajantha Urban Cooperative Bank is prohibited from conducting business, including accepting fresh deposits and repaying them.
 
According to RBI, on liquidation, every depositor of Ajantha Urban Cooperative Bank is entitled to receive a deposit insurance claim amount of his or her deposits up to a monetary ceiling of Rs5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
 
As per the data submitted by Ajantha Urban Cooperative Bank, 91.55% of the depositors are entitled to receive the full amount of their deposits from DICGC. As of 3 April 2025, DICGC has already paid Rs275.22 crore of the total insured deposits based on the willingness received from the concerned depositors of the Aurangabad-based lender.
 
Comments
kalemohan
1 month ago
what a tragedic happening in co op bank business.Now what is future of depositors of PEN CO-OP.BANK,PEN,MAHARASHTRA.
CDSCO Cracks Down on 35 Unapproved FDCs including Antibiotics, Analgesics and Cough Syrups, Warns Strict Action
Moneylife Digital Team 25 April 2025
The central drugs standard control organisation (CDSCO) has directed all drug manufacturers across India to immediately cease the production and sale of 35 fixed-dose combinations (FDCs) that have not received regulatory approval....
PM Modi Urged To Revoke Private Mining of Monazite-rich Beach Sands
Moneylife Digital Team 22 April 2025
EAS Sarma, former secretary to the government of India and a noted public policy expert, has written to prime minister (PM) Narendra Modi urging the immediate revocation of the 2023 amendment to the Mines and Minerals (Development and...
Bombay HC Forms Committee To Examine Airport Facilities for Seniors, Persons with Disabilities
Sahyaja MS (Bar  and  Bench) 22 April 2025
The Bombay High Court on Tuesday constituted a three-member committee to examine whether airports are adequately equipped with facilities to cater to the needs of senior citizens and persons with disabilities across India,...
Array
Free Helpline
Legal Credit
Feedback