RBI cancels licence of Pune-based Shivajirao Bhosale Sahakari Bank
The Hindu
The RBI said public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
The RBI on Monday said it has cancelled the licence of Shivajirao Bhosale Sahakari Bank, Pune as the lender does not have adequate capital and earning prospects. As per data submitted by Shivajirao Bhosale Sahakari Bank, more than 98% of the depositors will receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a release. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5 lakh from the DICGC.
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