RBI – Let us tell you that recently this bank has been closed by RBI. RBI has said that this cooperative bank does not have sufficient capital and earning potential, hence the license has been cancelled. Customers will get just this much money back.
Reserve Bank of India (RBI) said that the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur has been cancelled. The bank has stopped doing banking business with effect from closure of business on 4th December 2023.
RBI said that Shankarrao Pujari Nutan Nagari Cooperative Bank does not have sufficient capital and earning potential, hence the license has been cancelled. Know further what will happen to the depositors’ deposits.
According to the data presented by the bank, 99.85 percent customers are entitled to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
RBI further said that the co-operative bank with its current financial position will be unable to make full payments to its depositors. The Cooperation Commissioner and Registrar Cooperative Societies, Maharashtra have also been requested to issue orders to close the bank and appoint a liquidator for the bank.
On liquidation, each depositor will be entitled to claim deposit insurance up to Rs 5 lakh from DICGC. It is known that till July 24, 2023, DICGC has already paid the total insured deposits of Rs 41.60 crore.
