The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank. The bank ceases to carry on banking business, with effect from the close of business on May 31. The bank does not have adequate capital and earning prospects. As such, it does not comply with the provision of the Banking Regulation Act, 1949.
The RBI observed that the bank with its present financial position would be unable to pay its present depositors in full. The bank was placed under RBI Directions from the close of business on May 4, 2019.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as per the Deposit Insurance and Credit Guarantee Corporation (DICGC). Act, 1961, will be set in motion. As per the data submitted by the bank, more than 98 per cent of the depositors will receive full amounts of their deposits from DICGC.
Did you know that some rivers in India are famous not just for their size,…
Did you know one tiny spice in your kitchen travels a very long journey before…
Punjab National Bank (PNB), one of India’s leading public sector banks, has announced the launch…
The Bharat Bodhan AI Conclave 2026 commenced at Bharat Mandapam, marking a major step toward…
The Indian Navy has assumed command of Combined Task Force 154 (CTF-154) under the Combined…
The clash between India and Pakistan is not just a cricket match — it is…