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RBI cancels licence of Kolhapur-based Shivam Sahakari Bank

Posted bySumit Arora Published On February 1st, 2021 Leave a comment on RBI cancels licence of Kolhapur-based Shivam Sahakari Bank
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RBI cancels licence of Kolhapur-based Shivam Sahakari Bank_4.1

According to RBI, the licence of Maharashtra-based Shivam Sahakari Bank has been cancelled as it does not have adequate capital and earning prospects.  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 bank. With the cancellation of licence the process of paying the depositors as per the DICGC Act, 1961 will be set in motion.

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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). The bank with its present financial position would be unable to pay its present depositors in full.

Important takeaways for all competitive exams:

  • DICGC Chairperson: Michael Patra.
  • DICGC Founded: 1961.
  • DICGC Headquarters: Mumbai.

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About the Author
Sumit Arora
Sumit Arora
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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.

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