License of Sarjeraodada Naik Shirala Sahakari Bank Cancelled

Current Context: The Reserve Bank of India has cancelled the license of Sarjeraodada Naik Shirala Sahakari Bank.

• 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