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The board of the South Indian Co-operative Bank (SICB) has been superseded on the recommendations of the Reserve Bank of India (RBI). The bank has been placed under an administrator.
The RBI on August 8, had placed the Mumbai-based urban co-operative bank under ’directions’ in public interest in view of its poor financial health.
Bank’s sticky assets, in percentage terms, amounted to 53.76 per cent and its capital adequacy ratio was negative (-17.52 per cent). The 85-year old bank, reported a net loss of Rs 35.84 crore in the year ended March 31, 2004, had outstanding deposits of Rs 245 crore and outstanding advances of Rs 137.64 crore as of March-end 2004.
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