2024-02-07 11:41:57
Bank License Canceled
RBI has canceled the license of this bank. The central bank has said that in the current situation, the bank is unable to refund the entire amount of the customers. Now the bank cannot deposit the money or return the money to anyone.
Bank License
After the cancellation of the license, the bank has been banned from doing ‘banking’ business. This includes accepting deposits and paying deposits promptly. A request has been made to the Co-operative Commissioner and Registrar of Co-operative Societies, Maharashtra, to order closure of the bank and appointment of a liquidator, the RBI said in a statement.
Reserve Bank of India
On liquidation of a co-operative bank, each of its depositors shall receive from the Deposit Insurance and Credit Guarantee Corporation (DICGC) Rs. 5 lakhs will be eligible for deposit insurance claim. About 99.78 per cent of depositors have been entitled to the full amount of their deposits from DICGC, according to the data provided by the bank, RBI said.
Cancellation of Licence
The RBI said, “Jai Prakash Narayan Nagari Sahakari Bank does not have adequate capital and earning capacity. In such a situation, the bank cannot pay the full amount to its depositors. On February 6, 2024, the RBI canceled the license of the bank saying that its existence was detrimental to the interests of depositors.
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