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RBI cancelled the License of Karnala Nagari Sahakari Bank Limited

Published on August 18, 2021
Current Context: The Reserve Bank of India has cancelled the license of Karnala Nagari Sahakari Bank Limited. It is based in Raigad, Maharashtra.
  • The license was cancelled because of insufficient capital and earning prospects left with the bank.
  • The RBI has also asked Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator for the bank.
  • The 95% of the depositors of the bank will receive their full deposited amounts from Deposit Insurance and Credit Guarantee Corporation.
  • On liquidation, every depositor will receive a deposit insurance claim amount for their deposits up to a monetary ceiling of Rs 5 lakhs.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 RBI cancelled the license of Karnala Nagari Sahakari Bank Limited. It was based in which state?
a. Madhya Pradesh
b. Assam
c. Maharashtra
d. Uttar Pradesh
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