Reserve Bank of India cancels the license of Shri Anand Co-operative Bank Ltd., Chinchwad, Pune with effect from the close of business on July 07, 2022 and prohibited from conducting the business of ‘banking’ which includes, acceptance of deposits and repayment of deposits with immediate effect.
The Reserve Bank of india cancelled the license of the bank as the bank does not have adequate capital and earning prospects and failed to comply with the requirements.The continuance of the bank is prejudicial to the interests of its depositors.The bank with its present financial position would be unable to pay its present depositors in full and Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- from Deposit Insurance and Credit Guarantee Corporation subject to the provisions of DICGC Act.