Mumbai, Aug 19: Reserve Bank of India has permitted the registrar of co-operative societies, Gujarat, to wind up two urban co-operative banks in the state due to their weak financial conditions. Considering the irretrievable and weak financial condition and all other relevant factors, the Central Bank has granted the registrar permission to wind up Visnagar Nagarik Sahakari Bank Ltd, Visnagar, and Charotar Nagarik Sahakari Bank Ltd, Anand, an RBI release said here today.


These urban banks are barred from accepting deposits.

RBI has exercised powers under Deposit Insurance and Credit Guarantee Corporation Act and Gujarat Co-operative Societies Act, 1961, it added.
Bureau Report