RBI cancels licence of Madhavpura Mercantile Co-op Bank

The Reserve Bank of India (RBI), on June 7, 2012, cancelled the licence of Madhavpura Mercantile Co-operative Bank. Back in 2000, this co-operative bank was in the news following its exposure to scam-tainted stock broker Ketan Parekh.

The Central Registrar of Co-operative Societies (CRCS), New Delhi, has been requested to issue an order for winding up of the co-operative bank and appoint a liquidator. The co-operative bank was granted a licence by the RBI on August 19, 1994, to commence banking business in India.

Leave a Reply

Your email address will not be published. Required fields are marked *