RBI cancels licence of Sarjeraodada Naik Shirala Sahakari Bank, Sangli
Zee News
Sarjeraodada Naik Shirala Sahakari Bank Ltd has ceased to carry on banking business with effect from the close of business hours.
New Delhi: The RBI on Wednesday, February 27, cancelled the licence of Sarjeraodada Naik Shirala Sahakari Bank, Sangli, Maharashtra, as it did not have adequate capital and earning prospects.
With cancellation of the licence, Sarjeraodada Naik Shirala Sahakari Bank Ltd has ceased to carry on banking business with effect from the close of business hours on Wednesday, the Reserve Bank said in a statement.
The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the lender, it said.
On liquidation, every depositor would be entitled to receive 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, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from DICGC," the RBI added.
