The Reserve Bank of India has cancelled the licence of Karad Janata Sahakari Bank Ltd in Maharashtra, as it does not have adequate capital and earning prospects. As such, it does not comply with the provisions of the Banking Regulation Act, 1949. More than 99 per cent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
With the cancellation of licence and beginning of liquidation proceedings, the process of paying the depositors of Karad Janata Sahakari Bank will be set in motion. On liquidation, every depositor is entitled to repayment of their deposits up to ₹ 5 lakh only from the DICGC. After cancellation of licence from the close of a business hour on December 7, the bank cannot work anymore, which includes taking deposits and repaying deposits.
Silk, often hailed as the queen of textiles, holds a significant place in India's cultural…
World Tuna Day, observed annually on May 2nd, is dedicated to raising awareness about the…
The Ministry of Corporate Affairs (MCA) has granted its approval for the appointment of Hitesh…
India, renowned for its rich tapestry of natural landscapes and cultural heritage, is home to…
Paul Auster, the renowned American novelist and filmmaker, has passed away at the age of…
Renowned playback singer Uma Ramanan, who predominantly sang in Tamil, passed away at the age…