Photo; National Herald
RBI Axes License Of Karad Janata Sahakari Bank; Assures Depositors Of Pay Back
The RBI has cancelled the license of Maharashtra-based Karad Janata Sahakari bank citing bankruptcy. However, the banking authorities said that over 99% will be paid fully against their deposits, but will fail to pay its present depositors in full. The RBI also stated that on the event of liquidation, the paybacks will have monetary ceiling of Rs Five lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of… read-more
Tags: RBI, business, Maharashtra , Bank, Karad Janata Sahakari Bank, Co-operative
Courtesy: The New Indian Express
