Defunct co-ops to be wound up in Maharashtra

Invoking the provisions of the Maharashtra Co-operative Societies Act, 1960, Mumbai’s registrar of cooperative societies has started deregistering all defunct cooperative banks, reports Moneylife.

Following deregistration, liquidators are appointed to take stock of the liabilities, assets, and depositors’ claims as part of the wind-up procedure.

The report says RBI has already cancelled banking licences of these banks. At present, 106 coop banks are facing liquidation and another 10 are under the control of administrators.

Maharashtra claims a 32% share of co-operative banks in the country. Of the 1,618 urban coop banks in the country, 526 urban banks are based Maharashtra.

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