Many coop banks in Mum­bai face dereg­is­tra­tion

Banking Frontiers - - News Cooperative -

The reg­is­trar of co­op­er­a­tive so­ci­eties in Mum­bai has started the process of dereg­is­tra­tion of co­op­er­a­tive banks, which have re­mained non-func­tional for over 10 years, with no sign of re­vival. The Re­serve Bank of In­dia has al­ready can­celled bank­ing li­censes of these banks. Some of the banks fac­ing dereg­is­tra­tion in­clude Met­ro­pol­i­tan Co­op­er­a­tive Bank, Chetna Co­op­er­a­tive Bank, Swastik Janata Sa­hakari Bank, Awami Mercantile Co­op­er­a­tive Bank, Indira Sa­hakari Coop Bank, Dadar Janata Sa­hakari Bank and Friends Co­op­er­a­tive Bank, all from Mum­bai. Ma­ha­rash­tra has a 32% share of co­op­er­a­tive banks in the coun­try. There are as many as 526 UCBs in Ma­ha­rash­tra.

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