The Reserve Bank (RBI), Monday cancelled the licence of Kolhapur-based Shankarrao Pujari Nutan Nagari Sahakari Bank Limited and asked the bank not to carry on any banking business, with effect from the close of business on December 4, 2023.
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On liquidation, it said 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 the Deposit Insurance and Credit Guarantee Corporation (DICGC). "As per the data submitted by the bank, 99.98 per cent of the depositors are entitled to receive full amount of their deposits from DICGC,” the press release read., Companies News, Times Now
United India Co-operative Bank’s licence was cancelled by the RBI as the lender did not have adequate capital and earning prospects, the central bank said in a note.
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