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.
WARRIOR 5.0 Batch for SBI, RRB, RBI and IBPS Exams Banking Awareness Online Coaching | Bilingual
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:
In Uttar Pradesh, certain areas are recognized by specific regional names that highlight their historical,…
Haryana is a state in northern India known for its rich history and industrial growth.…
The NITI Aayog has recommended adding coking coal to India's critical minerals list, emphasizing its…
UK Prime Minister Keir Starmer announced the resumption of Free Trade Agreement (FTA) negotiations with…
COP29 marked a significant milestone in global efforts to address climate change within the tourism…
Bali is home to a rich cultural heritage that blends Hindu philosophy, local animist traditions,…