RBI cancels licence of Karad Janata Sahakari Bank in Maharashtra

Dec 09, 2020 10:55 IST

The Reserve Bank of India has cancelled the licence of Karad Janata Sahakari Bank Ltd. in Maharashtra with effect from the close of business on December 7, 2020. The central bank cancelled the licence as it does not have adequate capital and earning prospects. On liquidation, every depositor is entitled to repayment of his/her deposits up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation, RBI said. More than 99% of the depositors will get full payment of their deposits from DICGC, it added.