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RBI Cancels License Of Financial institution In Maharashtra

The Reserve Bank of India (RBI) on Tuesday said it has canceled the license of Karad Janata Sahakari Bank Ltd in Maharashtra.

The Reserve Bank of India (RBI) on Tuesday said it has canceled the license of Karad Janata Sahakari Bank Ltd in Maharashtra as it does not have adequate capital and earning prospects.

The bank has already been under a moratorium and RBI says it does not have adequate capital and earning prospects.

Courtesy: NDTV YouTube Channel

The national bank additionally added public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

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More than 99 percent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement.

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