LUCKNOW, May 20 -- The Lucknow-based HCBL Cooperative Bank Limited management has decided to appeal to the union finance secretary, following the Reserve Bank of India's (RBI) decision on Monday to cancel the bank's certificate of registration (CoR). The RBI cited inadequate capital and poor earning prospects as reasons for the cancellation.

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 ...