Question : RBI has recently cancelled the licence of The Karad Janata Sahakari Bank Ltd. In which district Karad situated in Maharashtra ?
(a) Satara
(b) Nagpur
(c) Nasik
(d) Jalgaon
Answer (a)
Related facts
- The RBI on Tuesday(8 December 2020) said it has cancelled the licence of The Karad Janata Sahakari Bank Ltd, Karad, Maharashtra.
Reason
- Bank does not have adequate capital and earning prospects.
Involvement of DICGC
- More than 99 per cent of the depositors of the bank will get full payment of their deposits from DICGC.
- DICGC stands for Deposit Insurance and Credit Guarantee Corporation.
- It is a wholly owned subsidiary of Reserve Bank of India.
- On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions.
By — Pankaj Pandey.