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The Reserve Bank of India (RBI) has cancelled licence of Pune-based Shivajirao Bhosale Sahakari Bank, since the lender does not have adequate capital and earning prospects.
RBI cancels licence of Pune-based Shivajirao Bhosale Sahakari Bank
May 31, 2021
More than 98% of the customers to receive full deposit
The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank. The RBI said the bank ceases to carry on banking business, with effect from the close of business on May 31.
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as per the Deposit Insurance and Credit Guarantee Corporation (DICGC). Act, 1961, will be set in motion, the central bank said in a statement.
“As per the data submitted by the bank, more than 98 per cent of the depositors will receive full amounts of their deposits from DICGC.