HC stays closure of urban co-operative bank

Baripada: The Orissa High Court recently put a stay on the decision to close Baripada Urban Co-operative bank till the next hearing.

The Reserve Bank of India (RBI) had scrapped the license of the urban bank in October last year after the local branch became bankrupt due to heavy amount of pending loans. Later, the State government declared closure of the bank on September 14 and appointed liquidator.

President of bank managing committee filed a petition in the High Court.