RBI Cancels Licence Of Bank In Maharashtra, Depositors Await Full Payment

The Reserve Bank of India on Tuesday said it has cancelled the licence of Karad Janata Sahakari Bank Ltd in Maharashtra as it does not have adequate capital and earning prospects. More than 99 per cent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement.

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