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RBI Cancels The Licence Of Vasantdada Nagari Sahakari Bank; 99% Depositors To Get Full Deposits Back

RBI cancels the licence of Vasantdada Nagari Sahakari Bank; 99% depositors to get full deposits back The RBI said the bank has failed to comply with the requirements and the continuance of the bank is prejudicial to the interests of its depositors. January 11, 2021 / 07:59 PM IST The Reserve Bank of India (RBI) has cancelled the licence of Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra to carry on banking business, with effect from the close of business on January 11. The Commissioner for Cooperation and Registrar of Cooperative Societies (RCS), Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The RBI said the bank has failed to comply with the requirements and continuance of the bank is prejudicial to the interests of its depositors.

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Banking menace made to view Post office savings with safe eyes

Banking menace made to view Post office savings with safe eyes Post office in India has always been seen as a lucrative way of investment in India. Rajat Paul (The writer can be reached at Rajatpaul304@gmail.com ) Post office in India has always been seen as a lucrative way of investment in India. It was initiated by Warren Hastings under the East India Company in 1688, which was later formally introduced as service under the Post Office Act of 1854, presently administrated by the Ministry of Communications. With 1,55,015 post offices, DoP has the most widely distributed network in the world. Over 150 years post offices have been a crucial backbone for communication and socio-economic development where it has successfully developed a brand for itself in reaching out to its potential customers in both urban and backward rural zones with all new schemes provided by the government, thus pushing forward the country s goal of financial inclusion.

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