The Reserve Bank of India on Tuesday cancelled the licence of Ajanta Urban Co-operative Bank Limited, Aurangabad, as the bank does not have adequate capital and earning prospects.
According to PTI news, the Reserve Bank of India (RBI) said in a statement that the bank will stop doing banking business from the close of business on Tuesday (April 22, 2025). The Registrar of Cooperative Societies of Maharashtra has also been requested to issue an order to close the bank and appoint a liquidator for the bank.
You can claim up to Rs 5 lakh
According to the news, upon liquidation, every depositor will be entitled to receive the deposit insurance claim amount of his deposits up to the monetary limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICCC). According to the data submitted by the bank, RBI said that 91.55 percent of the depositors are entitled to receive the full amount of their deposits from DICCC. As of April 3, 2025, DICCC has paid Rs 275.22 crore out of the total insured deposits.
detrimental to the interests of depositors
Citing reasons for cancelling the licence of Ajanta Urban Co-operative Bank Limited, it said the bank with its current financial position would be unable to make full payments to its present depositors and public interest would be adversely affected if the lender is allowed to carry on banking business further. Also, the continuance of the bank is detrimental to the interests of its depositors.
Due to the cancellation of licence, Ajanta Urban Co-operative Bank Limited is prohibited from carrying on the business of ‘banking’ with immediate effect, which among other things, includes accepting deposits and repaying deposits.
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