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On December 7, the Reserve Bank of India (RBI) cancelled the licence of the Karad Janata Sahakari Bank Ltd in Maharashtra and barred it from conducting the business of “banking” as it did not have adequate capital and earning prospects.
On that day, the bank also went for liquidation.
This is the third such instance in 2020. Earlier this year, the banking regulator had cancelled the licences of two other co-operative banks — CKP Co-operative Bank Ltd, also in Maharashtra, and the Mapusa Urban Co-operative Bank of Goa Ltd — for similar reasons.
Co-operative banks have always been a sore
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