The Baripada Urban Cooperative Bank, in Odisha will return the money to its account holders. RBI had cancelled the licence of the bank in 2014, reports local media outlets.
The Registrar of Cooperative Society has instructed the Deputy Registrar of Cooperative Societies-Baripada to ensure payment of money to 76 thousand customers.
The move has brought great cheer to the depositors. Last year the Odisha High Court had ruled that the liquidator of the bank would pay the money within eight weeks.