Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> on Tuesday said it has cancelled the licence of The <keyword id="10401256" type="UNKNOWN" weightage="20" keywordseo="karad-janata-sahakari-bank">Karad Janata Sahakari Bank</keyword> Ltd, Karad, 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 (<keyword id="75345" type="ORGANIZATION" weightage="20" keywordseo="DICGC">DICGC</keyword>), the Reserve Bank said in a statement. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of The Karad Janata Sahakari Bank will be set in motion. On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions. Consequent to the cancellation of its licence from close of business on December 7, the bank has been prohibited from conducting the business of 'banking' which includes acceptance of deposits and repayment of deposits with immediate effect. Giving details, the RBI said the bank was under "all inclusive directions" since November 07, 2017. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The RBI said it cancelled the licence of the bank as it "does not have adequate capital and earning prospects". As such, it does not comply with the relevant provisions of the Banking Regulation Act, 1949. "The continuance of the bank is prejudicial to the interests of its depositors," it said, and added the bank with its present financial position would be unable to pay its present depositors in full. Also, public interest would be adversely affected if the bank is allowed to carry on its banking business any further. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/infosys-hcl-tech-and-tcs-stocks-may-see-another-surge-estimates-edelweiss-heres-why/articleshow/79659516.cms">One research firm says shares of Infosys, HCL Tech, and TCS may see another surge — here's why</a> <a href="https://www.businessinsider.in/tech/news/india-desi-gps-finally-joins-china-russia-and-the-us-after-a-two-year-long-wait/articleshow/79656300.cms">India’s desi-GPS is now in the same league as the US, Russia and China — can scan 1,500 kilometres beyond its own borders</a> <a href="https://www.businessinsider.in/science/health/news/canada-has-enough-covid-19-vaccine-doses-to-cover-each-citizen-five-times-over-while-the-fate-of-67-poor-countries-remains-undecided/articleshow/79645493.cms">Canada has enough COVID-19 vaccine doses to cover each citizen five times over while the fate of 67 poor countries remains undecided</a>

RBI shuts down Karad Janata Sahakari Bank — deposits up to ₹5 lakh will be refunded

The Reserve Bank of India has imposed monetary penalties on nine cooperative banks on account of various contraventions or non compliances of laid down guidelines. These banks are <keyword id="15522650" type="General" weightage="20" keywordseo="The-Berhampur-Cooperative-Urban-Bank" source="Orion">The Berhampur Cooperative Urban Bank</keyword>, The Kendrapara Urban Co-operative Bank , The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank, Renuka Nagarik Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank. The monetary penalties slapped on these banks range from Rs 25,000 to Rs 3.1 lakh, <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> said in nine standalone statements on Monday. The RBI said this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with its customers. After considering the banks' reply to the notice, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-lists-at-a-2-discount-amid-volatile-market-conditions/articleshow/95523776.cms">Fusion Micro Finance lists at a 2% discount amid volatile market conditions</a>

RBI imposes penalties on nine cooperative banks for violating compliances

Maharashtra identified 14 districts as red zones— here’s the complete list of containment zones in Mumbai and Pune

Mumbai coronavirus micro containment-zone has 717 areas in 24 wards — here’s the entire list

You Searched For "karad janata sahakari bank" and got 4 results

RBI shuts down Karad Janata Sahakari Bank — deposits up to ₹5 lakh will be refunded

PTI

RBI imposes penalties on nine cooperative banks for violating compliances

ANI

Maharashtra identified 14 districts as red zones— here’s the complete list of containment zones in Mumbai and Pune

Navdeep Yadav

Mumbai coronavirus micro containment-zone has 717 areas in 24 wards — here’s the entire list

Navdeep Yadav

Popular Keywords

Buying Guides