According to a report by NDTV, on tuesday (December 8) The Reserve Bank of India(RBI) cancelled license of Maharashtra’s Karad Janata Sahakari Bank ltd due to inadequate capital and earning prospects. Although 99 percent of the depositors will get full payment of their Deposits from the Depository Insurance and Credit Guarantee Corporation(DICGC) soon after the cancellation of license and the process of liquidation begins.
RBI suspends Karad Janata Sahakari Bank’s licence
