Rajkot bank is custodian of co-op bank

The registrar of the co-operative banks of Gujarat has announced the appointment of Rajkot Cooperative Bank (Raj Bank) as the custodian for Rajkot Nagrik Sahakari Bank Ltd (RNSBL).

The clearing operations of RNSBL were frozen with the Rajkot banker's clearing house from November 1, after the urban bank department of the Reserve Bank of India informed the same through a written communication.

The officials of custodian bank (Raj Bank) assured the customers of RNSBL that the debt recovery drive by the bank would be initiated aggressively and emphasis would be placed on reduction of the ratio of non performing assets (NPA).

Meanwhile, the custodian (Raj Bank) has taken charge of RNSBL and initiated inspection as well as auditing of every transaction undertaken by RNSBL.

RNSBL has a customer base of 13,000 and deposits of Rs 10 crore. The bank advanced loans to the tune of Rs 8 crore.