Another bank is going to close soon. Action has been taken against this bank for not following the rules of the Reserve Bank. Reserve Bank of India has canceled the license of this bank. The name of this bank is Rupee Co-Operative Bank Limited. The customers of this bank have time till 22 September 2022. After this date, customers will not be able to withdraw the money deposited in the bank.
What is the charge on the bank?
In fact, the Reserve Bank of India has taken action against this Pune-based bank for ignoring the rules. RBI keeps on taking such action on banks that do not follow the rules. Licenses of some banks are also canceled. Similar action has been taken against Rupee Co-operative Bank of Pune.
When did RBI cancel the license?
The Reserve Bank of India issued a press release on August 10, saying that the license of Pune’s Rupi Sahakari Bank Limited would be canceled after six weeks from the said date. After that, all the branches of the bank will be closed. This deadline is set to expire on 22 September 2022. In such a situation, after this date, the customers of the bank will not be able to withdraw their money.
Why has RBI acted?
This action has been taken on the co-operative bank based in Pune in view of the poor financial condition of the bank and due to non-compliance with the directions of RBI. According to RBI, there is no capital left with the bank. He has no means of earning left. In such a situation, RBI has decided to cancel the license of this bank.
What will happen to the customers whose money is deposited in the bank?
Customers who have deposited money in the bank are given insurance cover on deposits of Rs 5 lakh. This insurance is being provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The DICGC is a subsidiary of the Reserve Bank of India, which provides financial security to the customers of cooperative banks. In such a situation, the customers will get the money back under the insurance claim on the deposit of Rs 5 lakh. But the customers who have deposited more than five lakh rupees in the bank will not be able to get the full amount back. They will also be compensated up to a maximum of Rs 5 lakh.
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