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READ MORE: RBI Closes Another Bank and Explains What Will Happen To Depositors’ Money

<p>Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur, had its license revoked by the Reserve Bank of India (RBI) on Monday due to insufficient capital and earnings potential.</p>
<p><img decoding=”async” class=”alignnone wp-image-295936″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-read-more-rbi-closes-another-bank-and-explains-what-will-happen-to-depositors-mone.jpg” alt=”theindiaprint.com read more rbi closes another bank and explains what will happen to depositors mone” width=”1181″ height=”617″ title=”READ MORE: RBI Closes Another Bank and Explains What Will Happen To Depositors' Money 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-read-more-rbi-closes-another-bank-and-explains-what-will-happen-to-depositors-mone.jpg 310w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-read-more-rbi-closes-another-bank-and-explains-what-will-happen-to-depositors-mone-150×78.jpg 150w” sizes=”(max-width: 1181px) 100vw, 1181px” /></p>
<p>As a result, the bank announced in a statement that it would no longer be conducting banking operations as of December 4, 2023, at the latest.</p>
<p>99.85% of depositors are eligible to collect their whole deposit amount from Deposit Insurance and Credit Guarantee Corporation (DICGC), according to statistics provided by the bank. When it cancelled the bank’s license, the RBI said, “The bank does not have adequate capital and earning prospects.”</p>
<p>The RBI went on to state that the cooperative bank would not be able to fully compensate its current depositors given its current financial situation.</p>
<p>It has also been urged that an order be issued by the Commissioner for Cooperation and Registrar Cooperative Societies, Maharashtra, winding up the bank and appointing a liquidator.</p>
<p>Every depositor would be eligible to receive from DICGC a deposit insurance claim sum equal to his or her deposits up to Rs 5 lakh upon liquidation.</p>
<p>DICGC has already paid out Rs 41.60 crore of the entire insured deposits as on July 24, 2023.</p>

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