The Reserve Bank of India has on January 22, 2009 cancelled the licence of Sadhana Co-operative Bank Ltd., Ichalkaranji, District Kolhapur, Maharashtra. The licence has been cancelled as the bank had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty. The Reserve Bank requested the Registrar of Co-operative Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator.
Consequent to the cancellation of its licence, Sadhana Co-operative Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra is prohibited from carrying on ‘banking business’ as defined in Section 5(b) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) (AACS) including acceptance and repayment of deposits.
With the cancellation of its licence and commencement of liquidation proceedings, the process of paying the depositors of Sadhana Co-operative Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra will be set in motion subject to the terms and conditions of the Deposit Insurance Scheme.
On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs.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 P.K.Arora, Deputy General Manager, Urban Banks Department, Mumbai Regional Office, Reserve Bank of India, Second Floor, Garment House, Mumbai 400 018. Telephone : (022) 2493 9930-49, Direct (022) 2493 5348, Fax : (022) 2493 5495, For email click here :
The bank was granted a licence by Reserve Bank on June 18, 1996 to commence banking business. The inspection findings with reference to its financial position as on March 31, 2007 revealed deterioration in the bank's financial position. The latest inspection of the bank conducted with reference to its financial position as on March 31, 2008 revealed that the bank's financial position was precarious. Accordingly the Reserve Bank of India imposed all inclusive directions under Section 35 A of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) vide Directive dated September 4, 2008. The directions, among others, prohibited acceptance of fresh deposits and further lending and restricted repayment of deposits up to a maximum of Rs.1000/- per depositor.
The bank was served a notice on September 12, 2008, to show cause as to why the licence granted to it should not be cancelled and why steps should not be taken to wind up the bank. The bank's reply to the show cause notice was examined and it was found unsatisfactory. The bank did not come out with any concrete plan for revival or any proposal for its merger. It was therefore, decided to cancel its licence.
Tuesday, February 3, 2009
Monday, February 2, 2009
Reliance Money launches online magazine - Money Advisor
India's first e-magazine that deals in equity and debt funds
Focus on research and views on sectors and not specific stocks
To carry interviews of senior fund managers/CIO's
Crisp and concise content
Mumbai, February 2, 2009: Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, today announced the launch of its online Mutual Fund Magazine – Money Advisor that deals with equity as well as debt funds as a part of its investor education drive.
The announcement was made by Mr. Sudip Bandyopadhyay, Director and CEO, Reliance Money here today.
Commenting on the launch, Mr. Bandyopadhyay said, "Reliance Money endeavors to change the way people choose and use financial services in this country. Investor education forms an important ingredient in this endeavor and we are happy to launch Money Advisor – our monthly magazine on the Mutual Fund Industry in India. While most research reports are complex to understand, we have tried to make Money Advisor easy to understand for the retail investor while focusing on both equity and debt funds so far neglected in most research.'
The magazine will provide a synopsis on the Mutual Fund industry and include the latest trends in AUMs, overview and recommendations on equity and debt funds, performance snapshot, interest rate scenario and fixed income update, economic review apart from sector updates.
It will also have views shared by various Fund Managers/ CIOs and an investor education series.
Money Advisor will be mailed to all Reliance Money customers and distributors. At present, Reliance Money has over three million customers and more than 10,000 outlets across 5,165 cities and towns.
About Reliance Money
www.reliancemoney.com
Reliance Money, a part of the Reliance Anil Dhirubhai Ambani Group is a comprehensive financial services and solution provider, providing customers with access to Equity, Equity and Commodity Derivatives, Portfolio Management Services, Wealth Management Services, Mutual Funds, IPOs, Life and General Insurance and Gold Coins. Customers can also avail Loans, Credit Card, Money Transfer and Money Changing services.
The largest broking house in India with 3 million customers and a wide network of over 10,000 outlets and 20,000 touch points in 5,000+ locations. Reliance Money endeavors to change the way investors transact in financial markets and avails financial services. The average daily volume on the stock exchanges is Rs. 3,000 crores, representing approximately 4% of the total stock exchange volume.
Reliance Capital is one of India's leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking groups, in terms of net worth.
For details contact –
Reliance Money
Mumbai: Tamanna Khanna tamanna.khanna@relianceada.com +91-93236 09510
Delhi: Sanjiv Kumar sanjiv.k.sinha@relianceada.com +91-93124 56677
Concept PR:
B. N. Kumar bnk@conceptpr.com +91-9321048332
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