Now RBI Cancels Licence Of This Bank From Maharashtra

Mumbai, 12 January 2021: The Reserve Bank (RBI) has canceled Vasantdada Nagari Sahakari Bank’s licence in Osmanabad, Maharashtra. RBI said that the bank could not return the existing depositors’ money according to its current financial situation, and hence its licence has been canceled.

The central bank said that with the cancellation of the cooperative bank’s licence and liquidation, the process of returning the money of depositors of Vasantdada Nagari Sahakari Bank would also be started. The Reserve Bank said that depositors from the Deposit Insurance and Credit Guarantee Corporation would be eligible to get the deposit of up to five lakh rupees.

In this way, more than 99 percent of the cooperative bank’s depositors will get the full amount back. The cooperative bank’s licence was canceled on Monday. After this, the cooperative bank will not be able to operate any business.