RBI cancels licence of Kasundia Co-op Bank, Howrah

The Reserve Bank of India has, effective September 6, 2013, cancelled the licence of Kasundia Co-operative Bank Ltd. Howrah (West Bengal) as it had ceased to be solvent and the depositors were being inconvenienced by the continued uncertainty.

Consequent to the cancellation of licence, Kasundia Co-operative Bank prohibited from carrying on business of ‘banking’.
The Registrar of co-operative Societies, West Bengal State has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

With the cancellation of licence and commencement of liquidation proceeding, the process of paying the depositors of the Bank, the amount insured as per the Deposit Insurance and Credit Guarantee Corporation Act, 1961 will be set in motion subject to terms and conditions of the Deposit Insurance Scheme.

Upon liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ` 1,00,000/- (Rupees One lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions.

For any clarifications, depositors may approach Shri C. Patnaik, General Manager, Urban Banks Department, Kolkata Regional Office, Reserve Bank of India, Kolkata, whose contact details are as below:
Postal Address: Reserve Bank of India, Urban Banks Department, 15, Netaji Subhash Road, Kolkata–700001; Telephone Number: (033) 22130687; Fax Number: (033) 22439290;