The Reserve Bank of India (RBI) made a significant move on Monday by canceling the license of Kolhapur-based (Maharashtra) Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji. The apex bank instructed the bank to cease all banking operations, effective from the close of business on December 4, 2023.
Sno. | Penalized Banks |
---|---|
1 | Jijamata Mahila Sahakari Bank Ltd |
2 | Shri Laxmikrupa Urban Co-operative Bank Ltd |
3 | The Konark Urban Cooperative Bank Ltd |
4 | The Chembur Nagarik Sahakari Bank Ltd |
Q1. Why did the Reserve Bank of India (RBI) cancel the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji?
Answer: The RBI canceled the bank’s license due to its lack of adequate capital and earning prospects, violating provisions in the Banking Regulation Act, 1949.
Q2. Why did the RBI find it necessary to cancel the banking license based on the Banking Regulation Act, 1949?
Answer: The co-operative bank failed to comply with certain sections of the Banking Regulation Act, 1949, prompting the RBI to cancel its banking license.
Q3. According to data submitted by the bank, what percentage of depositors are expected to receive the full amount of their deposits from DICGC?
Answer: According to the bank’s data, 99.85% of depositors are set to receive the full amount of their deposits from DICGC.
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