RBI cancels license of Raigad based Karnala Nagari Sahakari Bank

The Reserve Bank has canceled the license of Raigad based Karnala Nagari Sahakari Bank Limited in Maharashtra. In a press release, RBI said the bank has been directed to cease all its operations from 13th August. As informed by the Reserve Bank of India, the license of Karnala Nagari Sahakari Bank was canceled due to insufficient capital and earning prospects and its continuance would have adversely affected depositors. RBI has added that the Commissioner for Cooperation and Registrar of Coopera...