cancelled the license of “Millath Co-operative Bank Ltd., Davangere, Karnataka
the bank ceases to carry on banking business, with effect from the close of business on June 18, 2022
The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
ReasonThe bank does not have adequate capital and earning prospects.The continuance of the bank is prejudicial to the interests of its depositors
The bank with its present financial position would be unable to pay its present depositors in full;
Millath Co-operative Bank Limited, Davangere, Karnataka” is prohibited from conducting the business of ‘banking’ which includes