License of this bank has been cancelled, depositors will get 5 lakh rupees!

The Reserve Bank of India has taken major action against another cooperative bank. In fact, the RBI has cancelled the license of Sarjeraodada Naik Shirala Sahakari Bank located in Sangli, Maharashtra. The RBI has taken this step due to the lack of adequate capital and earning potential with the bank.

Recently, RBI has given a statement which said that with the cancellation of the licence, the banking business of Sarzerodadada Naik Shirala Co-operative Bank Limited has been closed with the end of the business day on Wednesday. Earlier, the RBI cancelled the license of Independence Co-operative Bank Ltd of Maharashtra in early February. According to the statement issued at the same time, the Commissioner of Co-operatives and registrar of cooperative societies in Maharashtra have also been requested to issue an order to close the bank and appoint a liquidator for lenders.

The RBI says, "On liquidation, each depositor will be entitled to receive the deposit insurance claim amount from deposit insurance and credit guarantee corporation (DICGC) up to a monetary limit of Rs 5 lakh." As of January 27, 2022, the DICGC had sanctioned Rs 64.70 crore out of the total sum assured deposits based on the wishes received from the respective depositors of the bank.

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