- It does not comply with the provisions of the Banking Regulation Act, 1949.
- Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has been asked to issue an order for winding up the bank and appoint a liquidator for the bank.
- Every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from DICGC.
- More than 99 percent of the depositors are entitled to receive the total amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
RBI cancels licence of Shri Anand Co-operative Bank due to lack of capital
Published on July 08, 2022
Current Context: RBI has canceled the license of Shri Anand Co-operative Bank, it does not have adequate capital and cannot pay its present depositors in full.
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