RBI cancels licence of Kolhapur-based Shivam Sahakari Bank

According to RBI, the licence of Maharashtra-based Shivam Sahakari Bank has been cancelled because it doesn’t have sufficient capital and incomes prospects.  The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has additionally been requested to situation an order for winding up the financial institution and appoint a liquidator for the financial institution. With the cancellation of licence the method of paying the depositors as per the DICGC Act, 1961 will probably be set in movement.

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As per the information submitted by the Kolhapur-based financial institution, greater than 99 per cent of the depositors are totally insured by Deposit Insurance and Credit Guarantee Corporation (DICGC). The financial institution with its current monetary place can be unable to pay its current depositors in full.

Important takeaways for all aggressive exams:

  • DICGC Chairperson: Michael Patra.
  • DICGC Founded: 1961.
  • DICGC Headquarters: Mumbai.

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