Case Brief
The Reserve Bank of India cancelled the licence of The Vaishali Shahari Vikas Co-operative Bank Ltd., Hajipur, Dist. Vaishali by order dated December 27, 2024. The cancellation takes effect from the close of business on December 30, 2024, after which the bank ceases to carry on banking business. RBI cited inadequate capital and earning prospects, non-compliance with several provisions of the Banking Regulation Act, 1949, prejudice to depositors, inability to pay depositors in full, and adverse public interest considerations. RBI also requested the Registrar of Cooperative Societies, Bihar to initiate winding up and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Hajipur, Bihar