In the country The Reserve Bank of India levies fines from time- to-time on many banks in the country for non-compliance. Even the licenses of some banks have been revoked. Now an another cooperative bank has been added to this list, if you also have an account in this bank then know that this bank is going to close soon.
RBI has ordered that Pune-based Rupi Co-operative Bank Limited (RBI Cancelled Cooperative Bank License) .Customers have only time till September 22. In such a case, he should withdraw the money from his account as soon as possible, Because after 22 all the branches of the bank will be closed.
The license of the bank has been cancelled
Let us tell you that the Reserve Bank of India had already decided to cancel the license of Pune-based Rupi Co-operative Bank Limited. After this decision, banks will be completely closed from September 22. Even before this, the licenses of many banks have been reduced in view of their poor financial condition.
Why did RBI cancel the license?
RBI has said that after September 22, bank customers will not be able to do any kind of financial transaction. The RBI has decided to close the bank, because financial condition of this bank was very bad. The bank had neither capital nor any means of earning. In such a situation, RBI has canceled the license of this bank.
Customers will get insurance benefits customers whose money is deposited in Co-operative Bank Limited get insurance cover on a deposit of Rs 5 lakh. This insurance is coming from the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme. It is worth noting that DICGC is a subsidiary of the Reserve Bank which provides financial protection to the customers of the Co-operative Bank. In such a case, upon deposit of Rs 5 lakh by an account holder, DICGC gives him full insurance claim.