Mumbai, April 22 (PTI) Reserve Bank said on Tuesday it has cancelled the license from Ajantha Urban partner bank Maryaadit because lenders do not have enough capital and prospects to make money.
Therefore, the Reserve Bank of India (RBI) said in a statement that the bank no longer engages in banking business and will take effect from the end of its business on Tuesday (22 April 2025).
Cooperative Register Maharashtra, also was asked to issue an order to clear the bank and appoint the bank liquidator.
At liquidation, each depositor is entitled to the amount of deposit insurance claims for his or her deposit until the currency cap ₹500,000 from Deposit Insurance and Credit Guarantee Company (DICGC).
According to data submitted by the bank, the Reserve Bank of India said 91.55% of depositors are entitled to receive full deposits from the DICGC.
As of April 3, 2025, DICGC has paid ₹The total insurance deposit is 2.7522 million.
Given reasons for cancelling the Maryadit license of the Ajantha Urban cooperative bank, the bank said the bank’s current financial position would not be able to pay its existing depositors in full; if lenders are allowed to further engage in banking, the public interest would be adversely affected.
Similarly, the bank’s continued development is biased against the interests of depositors.
To cancel its license, Ajantha Urban partner bank Maryadit is prohibited from conducting business of “banking”, which includes acceptance of deposits and repayment of deposits with immediate effect.
