DOORS CLOSED
INDIAN BANK FAILS. (By Telegraph—Press Assn.—Copyright.) (Reuter’s Telegrams.) DELHI, April 27. The Alliance Bank of Simla closed doors on April 27. The directon explained that this course was adopted owing to heavy lessee consequent on continued withdrawals. Since the last report negotiations had been carried on for the purpose of associating the bank with more powerful banking interests, but they were unsuccessful. It was therefore decided to close while the affairs of the bank were still controllable and arrangements can be made to cause those interested a minimum of inconvenience and loss. Provided it is possible to arrange for the liquidation under the surveillance of the Imperial Bank of India, the latter is prepared forthwith to repay fifty per cent, of the deposits. It should be possible to complete arrangements within a fortnight.
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Bibliographic details
Southland Times, Issue 18928, 30 April 1923, Page 5
Word Count
135DOORS CLOSED Southland Times, Issue 18928, 30 April 1923, Page 5
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