This Pune bank is closing from 22nd September
This is the normal procedure of the Reserve Bank
Reserve Bank of India keeps on imposing fines from time to time on many banks of the country for not following the rules. If the rules are ignored, then the licenses of some banks are canceled (RBI Canceled Cooperative Bank License). Now the name of Rupee Co-Operative Bank of Pune has been added to this list.
What has the Reserve Bank said
RBI had given this information in a press release issued on August 10. It was told that the license of Rupee Co-operative Bank Limited of Pune would be canceled after six weeks from that date. Meaning that this deadline is till 22 September 2022. After that all the branches of the bank will be closed and customers will not be able to withdraw their money. Even before this, in view of the poor financial condition of many banks, their licenses have been canceled.
Why was the license canceled?
The RBI has taken the decision to close the Pune based Rupee Co-Operative Bank Limited because the financial condition of this bank has become very bad. The bank had no capital left. Also, he had no means of earning. In such a situation, RBI has canceled the license of this bank itself.
What will happen to the customers who deposit money in the bank
Customers whose money is deposited in Rupee Sahakari Bank Limited get an insurance cover on deposits of Rs 5 lakh. This insurance is coming from the Deposit Insurance and Credit Guarantee Corporation (DICGC) Insurance Scheme. Significantly, DICGC, a subsidiary of the Reserve Bank, provides financial security to the customers of the co-operative bank. In such a situation, on the deposit of Rs 5 lakh of an account holder, DICGC gives him the full insurance claim. Yes, customers who have deposited more than Rs 5 lakh in that bank will not get their full amount. They will be compensated only up to Rs 5 lakh.
