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Dadar Bank licence cancelledMUMBAI : The Reserve Bank of India (RBI) today announced that the licence of city-based Dadar Janata Sahakari Ba...

Dadar Bank licence cancelled

MUMBAI : The Reserve Bank of India (RBI) today announced that the licence of city-based Dadar Janata Sahakari Bank Ltd has been cancelled due to its “extremely unsatisfactory financial position”. The cancellation order was passed on December 16, 1997 under Section 22(4) of the Banking Regulation Act, RBI said in a release here. The co-operative bank, ridden by embezzlement of funds to the extent of Rs 14 crore by its chairman and board of directors, now cannot conduct banking business. The fraud involved sanctioning of loans with the intention of not recovering them at all.

BIFR orders closure of 3 cos

NEW DELHI: The Board for Industrial and Financial Reconstruction (BIFR) has issued notices to wind up three private sector companies as they cannot be revived on a long term basis. The board has formed a prima-facie opinion that Universal Insulators and Ceramics ltd (UICL), Nachiketa Stripes and Tubes Ltd (NSTL) and Anil Re-rolling Mills Ltd (ARML) cannot be revived.

Silver falls, gold steady

MUMBAI : Silver prices fell further while gold held steady on the bullion market on Tuesday. Ready silver of .999 fineness, raw silver of .916 fineness and tenderable silver fell further by Rs 60 each to close at Rs 8040, Rs 7940 and Rs 8045. However, standard gold at Rs 3985, 22-carat gold at Rs 3685 and ten-tola gold bar of .999 purity at Rs 46,600, held unchanged on some low-level support.

RBI notification under FERA

MUMBAI — The Reserve Bank of India issued notification under Foreign Exchange Regulation Act (FERA) giving effect to its decision to grant general permission for foreign direct investment under the automatic route’.