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The Jamnagar Nagarik Sahakari Bank, established in 1955, has been liquidated. Liquidation has paved the way for depositors to get their insured money of up to Rs one lakh from the Depository Insurance Credit Guarantee Corporation.
The bank, which has a depositor base of 16,000 and total deposits of Rs 14 crore, went bust 19 months ago.The Reserve Bank of India (RBI) had in January 2003 suspended Jamnagar Nagarik Sahakai Bank from clearing house operations. The Reserve Bank took this step after the co-operative bank failed to respond to the notices sent to it. The bank had also failed to furnish financial reports to the regulators for a long time.
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