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RBI cancels license of Raigad based Karnala Nagari Sahakari Bank

Sumit Arora Last updated on August 17th, 2021 03:46 pm Leave a comment

The Reserve Bank of India has cancelled the license of Raigad based Karnala Nagari Sahakari Bank Limited in Maharashtra. As informed by the Reserve Bank of India, the license of Karnala Nagari Sahakari Bank was cancelled due to insufficient capital and earning prospects and its continuance would have adversely affected depositors.

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RBI has added that 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. RBI has informed that 95 per cent of the depositors will receive full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Five lakh rupees.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.