RBI cancels licence of THIS Maharashtra-based bank, all operations prohibited. Check details
The Reserve Bank of India (RBI) has cancelled the licence of the Maharashtra-based Shivam Sahakari Bank. The reason cited the absence of adequate capital and earning prospects as the reason behind the cancellation.
“Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 29, 2021,” the central bank said in a statement.
As per the data submitted by the Kolhapur-based bank, more than 99 per cent of the depositors are fully insured by Deposit Insurance and Credit Guarantee Corporation (DICGC).
“On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5,00,000 from the DICGC…,” the central bank said.
