RBI revokes licenses of two more banks in Maharashtra for violating minimum networth conditions

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New Delhi Dated 25th December 2020 Friday

It was learned that the Reserve Bank of India had revoked the licenses of two banks in Maharashtra. The first such bank was Subhadra Local Area Bank of Kolhapur and the second was Bank of Karad.

The Reserve Bank said in a statement that Subhadra Local Area Bank had breached the minimum networth requirement during the two quarters of 2019-20. However, the bank had enough cash to repay its account holders. The RBI further said that the way the bank was operating could jeopardize the interests of current and future customers. So this decision had to be made.

The other bank whose license was revoked was Karad Janata Sahakari Bank, the Reserve Bank said, adding that the bank did not have sufficient assets and earning potential and was forced to take action against it.

As soon as the process of revoking the license is completed, the account holders will get their money back.


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