Many coop banks in Mumbai face deregistration
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.