The Reserve Bank of India (RBI) has cancelled the registration certificate of Maharashtra-based Jai Prakash Narayan Nagari Sahakari Bank Ltd, due to the lender s inadequate capital and poor earnings prospects. RBI has asked the Bank to stop banking business from 6 February 2024.
On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the data submitted by the bank, about 99.78 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC, the Reserve Bank said.