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RBI cancels license of Raigad based Karnala Nagari Sahakari Bank

Sumit Arora Published On August 17th, 2021 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, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.