License of Sarjeraodada Naik Shirala Sahakari Bank Cancelled

Published on March 05, 2022
Current Context: The Reserve Bank of India has cancelled the license of Sarjeraodada Naik Shirala Sahakari Bank.
License of Sarjeraodada Naik Shirala Sahakari Bank Cancelled
  • The bank is based in Sangli, Maharashtra.
  • The Sarjeraodada Naik Shirala Sahakari Bank was inadequate with capital and earning prospects and so the license was cancelled.
  • The bank was not in compliance with regulations set under Section 11(1), Section 22(3) (d) read with section 56 of Banking Regulation Act 1949.
  • The bank is not allowed to conduct banking business.
  • However, every depositor will receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) on liquidation.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das
    • Chairman of DICGC: Dr. MD Patra
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