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REPCO Bank - Central Govt Ordinance
March 18 , 2019
1951 days
1527
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- Following the Central Government ordinance ‘Banning of Unregulated Deposit Schemes Ordinance’ Chennai Headquartered REPCO Bank has become ineligible to mobilise deposits from non-voting members.
- Unlike other banks, REPCO bank comes under administrative control of Union Home Ministry.
- It is flourishing only on the support of 10 lakh non-voting members who are mostly repatriates from Sri Lanka, Myanmar, Vietnam and other countries.
- The ordinance that is essentially meant for unregulated private financial firms that had been collecting deposits from the public illicitly has affected REPCO bank.
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