Hyderabad, November 17: The license of Charminar cooperative Urban Bank has been cancelled by the R.B.I on its becoming bankrupt. R.B.I. in its letter issued on 8th November 2011 stated that energy effort made to restore the functioning of the bank has failed and hence its license stands cancelled with effect from 15th November 2011. Registrar of cooperative societies has been instructed to appoint a liquidator to clear off the claims of the depositors.
It may be made known that all the depositors are entitled to receive upto Re one lakh under the insurance guarantee scheme of the creditors. The bank was given license on 24th September 1985 to transact business.
——Siasat News