<span style="color: #222222;">Reserve Bank of India has canceled the license of Jai Prakash Narayan Nagari Sahakari Bank based in Basmathnagar, Maharashtra. RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies to issue an order for winding up the operations and appoint a liquidator for the bank. Citing the reasons for this action, RBI said the bank did not have adequate capital and earning prospects. It added that allowing the bank to continue its operations would prejudice customer interests as the bank’s present financial position suggests that it would not be able to pay its present depositors in full. RBI has added that post liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of five lakh rupees from Deposit Insurance and Credit Guarantee Corporation. As per the data submitted by the bank, about 99.78 percent of the depositors are entitled to receive the full amount of their deposits from DICGC.</span><br />