HCBL Cooperative Bank mgmt to appeal after RBI cancels licence
On RBI's direction, the Commissioner and Registrar of Cooperative Societies, Uttar Pradesh, has initiated the process to wind up the bank and appoint a liquidator. The liquidator will take control of the bank's management, including its assets and liabilities, and will use the proceeds from asset sales to repay creditors according to their priority, Heera Lal, Commissioner and Registrar, Cooperative Societies UP, said.
HCBL Cooperative Bank, launched in 2002, expanded its services across nearby districts including Unnao, Barabanki, Rae Bareli, and Sitapur. The bank operated four branches and one extension counter in Lucknow, providing telebanking, SMS banking, personalised banking, and general services to approximately 10,000 customers, a bank officer who does not wished to be named said.
The bank's head office in Gomti Nagar was notably quiet on Tuesday. A few customers visited to inquire about the bank's operations after the RBI order, while bank officials held meetings to assess the situation.
The bank faced operational challenges starting in 2015 when RBI ordered its closure under Section 35A of the Banking Regulation Act, 1949. It resumed activities in 2018 but again suspended operations in 2023 following RBI directives. The bank was allowed to operate until May 2025, subject to review, the HCBL officer said.
According to the RBI, the bank's current financial position prevents it from fully repaying depositors, and continuing operations would harm public interest. 'The cancellation prohibits HCBL from conducting any banking business, including accepting or repaying deposits, with immediate effect.'
Depositors are entitled to claim deposit insurance up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
As per bank data, 98.69% of depositors qualify for full reimbursement, with DICGC having paid ₹21.24 crore as of January 31, 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
7 minutes ago
- First Post
United reportedly front-runners to sign Sevilla midfielder as hopes of landing Baleba fade ahead of transfer deadline
With Ruben Amorim's hopes of signing Brighton and Hove Albion's Carlos Baleba fading due to a £100 million asking price, Manchester United have now reportedly turned their attention to Sevilla midfielder Lucien Agoume. Manchester United boss Ruben Amorim reportedly is hopeful of signing midfielder Lucien Agoume from Sevilla before the end of the summer transfer on 1 September. Reuters Manchester United are not giving up on their quest to bolster their midfield even if their hopes of signing Carlos Baleba from Brighton and Hove Albion are fading away with the transfer deadline fast approaching. With a little over 10 days left in the summer transfer window, the 'Red Devils' have now turned their attention towards Sevilla midfielder Lucien Agoume. Sevilla-based outlet Orgullo Biri reported that United currently are well ahead in the race to sign the Frenchman, who has a release clause of £34.5 million ($46.54 million) but is willing to bring his price down to £26 million ($35.07 million). STORY CONTINUES BELOW THIS AD Also Read | Arsenal had also expressed interest in signing the 23-year-old Cameroonian-born midfielder as a possible replacement for Thomas Partey. The Gunners, however, chose to sign Christian Norgaard and Martin Zubimendi from Brentford and Real Sociedad respectively. More from Football After making his professional debut with Sochaux at the age of 16, Agoume would move to Serie A giants Inter Milan the following season, spending a full season with them before being loaned to various clubs including LaLiga's Sevilla – which made the deal permanent last year. United still eyeing Sporting CP's Hjulmand United haven't taken their eyes off Sporting CP's Morten Hjulmand either, and are reportedly willing to shore up their bid to £50 million ($67.45 million) for the Dane who has been described by Amorim as a 'complete' midfielder. Hjulmand had joined the club in 2023 and played more than a season under Amorim until the latter left Sporting for United. The 13-time Premier League champions were forced to abandon hope of signing Baleba after the Seagulls demanded £100 million for the Cameroonian. United have already spent more than £200 million in signing the trio of Benjamin Sesko, Bryan Mbeumo and Matheus Cunha to overhaul their attack. Also Read | United had also hoped for out-of-favour winger Jadon Sancho's proposed loan move to Italy with AS Roma to be completed before the transfer deadline, with Old Trafford set to earn £20 million ($26.98 million) if the deal were made permanent. STORY CONTINUES BELOW THIS AD Sancho, however, with his agent reportedly informing Roma of the England international's rejection.
Time of India
an hour ago
- Time of India
Unforgettable experience: P'garh sandalwood farmer
Prayagraj: Utkrisht Pandey, a Pratapgarh-based sandalwood farmer, who was invited as a special guest along with his wife, Dr Toolika Pandey, to the Independence Day ceremony at Red Fort on August 15, on Tuesday described the invitation as a lifetime honour at the Red Fort, Delhi. Pandey told TOI, "For the very first time in my life, I was invited as a special guest to witness the Independence Day Ceremony at the historic Red Fort, New Delhi, by the Ministry of Ayush & National Medicinal Plants Board." He added, "This invitation was not just a personal honour but a recognition of the efforts being made in the field of sandalwood farming, medicinal plants, and sustainable agriculture. Standing amidst the grandeur of our national capital, with the tricolour flying high at Red Fort, was an overwhelming and unforgettable experience. From the warm welcome extended by the Ministry of Ayush to the thoughtful arrangements and special recognition, every moment reflected the value of India's rich herbal and Ayurvedic heritage," said Pandey, adding, "It was an honour to be part of a celebration that symbolises the strength, unity, and cultural pride of our nation. " He added, "I return with gratitude, inspiration, and a renewed commitment to continue working for the promotion of sustainable farming, organic practices, and the growth of medicinal plant heritage." Pandey, on his seven-acre farm, 'Rishigram', in Bhadauna village of Pratapgarh district, has successfully cultivated over 3,000 sandalwood plants and four hybrid turmeric varieties, showcasing exemplary organic and natural farming practices. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
India.com
an hour ago
- India.com
NHAI Issues Over 5 Lakh FASTag Annual Toll Passes, Collects Rs 150 Crore Revenue
New Delhi: The National Highways Authority of India (NHAI) has sold over 5 lakh FASTag-based annual toll permits in just four days, collecting Rs 150 crore in revenue. Tamil Nadu recorded the highest number of purchases of annual passes in four days, followed by Karnataka and Haryana. Further, Tamil Nadu, Karnataka, and Andhra Pradesh recorded the highest number of transactions through FASTag annual passes at toll plazas, a statement by NHAI said. Private vehicles can now use an annual toll pass for free passage through toll plazas on national highways and expressways, with each pass priced at Rs 3,000. Cars, jeeps, and vans can use this facility at toll plazas run by the National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways. The pass is valid for one year from activation or for 200 toll trips, whichever occurs first. When the limit is reached, the FASTag automatically switches to standard pay-per-trip mode. For point-based toll plazas, each one-way crossing counts as a trip, and a return counts as two. In closed or ticketed systems, a complete entry-to-exit journey counts as one trip. Some FASTags, especially those issued for new vehicles, may only be registered with the vehicle's chassis number. The Annual Pass cannot be activated on such FASTags and they should be updated to include the complete vehicle registration number. The pass is available for purchase via the Rajmarg Yatra mobile app, NHAI or MoRTH websites, or authorised FASTag issuer portals. Payment for the pass (Rs 3,000) can be made via UPI, debit or credit card, or net banking. FASTag wallet balances cannot be used for this purpose. Activation is usually completed within two hours and confirmed by SMS. The average toll for a passenger vehicle is about Rs 50. Completing 200 trips in a year without the pass would cost around Rs 10,000. With the annual pass, the cost is fixed at Rs. 3,000, which saves about Rs. 7,000 for frequent highway travellers.
