News > RBI Cancels License Of Maharashtra-based bank. Here's why.

RBI Cancels License Of Maharashtra-based bank. Here's why.

03/03/2022 04:03 PM | Click to read full article

RBI has cancelled the licence of Maharashtra-based Sarjeraodada Naik Shirala Sahakari Bank Limited as it has failed to comply with the regulations and does not have "adequate capital and earning prospects", the central bank said on Wednesday. 

On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- 

-