RBI canceled the license of this bank, increased concern of account holders

New Delhi | RBI Cancelled Bank License: In a major action, the Reserve Bank of India (RBI) has canceled the license of Sarjerodada Naik Shirala Co-Operative Bank in Sangli, Maharashtra. The RBI took this action on Wednesday as the bank did not have sufficient capital and earning prospects. Simultaneously, the Cooperative Commissioner and Registrar of Cooperative Societies in Maharashtra have also been asked to issue an order to close the bank and appoint a liquidator for the lender.

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RBI Canceled Bank License: This action of RBI has increased the concern of the account holders of the bank. In this regard, the RBI said that with the cancellation of the license, the banking business of the Sargerodada Naik Shirala Sahakari Bank Limited has been closed with the end of the business day on Wednesday.

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Depositor can claim up to Rs 5 lakh
After taking action on the bank, RBI gave relief to the depositor saying that on liquidation every depositor will be able to get deposit insurance claim amount up to a monetary limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation.

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Fines imposed on these banks
Let us tell you that RBI has already imposed penalty on 3 co-operative banks. RBI has imposed penalty on 3 co-operative banks, including Nagrik Sahakari Bank Maryadit, based in Raipur, Chhattisgarh, for lapses in regulatory compliance.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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