It was told by the Reserve Bank of India that the customers who have deposited money in this bank will not be able to withdraw money from tomorrow. In the last days, RBI had taken action against many banks and financial institutions.

The financial condition of the bank is not good, RBI had canceled the license of Pune-based Rupee Co-operative Bank Limited in August. Banking services will be closed after the implementation of this decision of RBI on 22nd September. In the notice issued by RBI, it was told that the financial condition of the bank is not good.

The reason for canceling the license was told by the Reserve Bank that the bank will close its business on 22 September. After this, bank customers will neither be able to deposit money nor withdraw from the account.

Apart from this, no financial transactions will be done. It was told by RBI that the bank does not have capital and there is no possibility of earning further. This is the reason for canceling the license of the bank.

What will happen to customers’ money?

All the customers whose money is deposited in this bank will get an insurance cover of Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme of RBI. According to this rule, if a bank is closed due to bad financial condition, then the customer gets the benefit of insurance cover on deposits up to Rs 5 lakh through DICGC. This money is given to the concerned customer.

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The Deposit Insurance and Credit Guarantee Corporation (DICGC) will make payments to eligible depositors of 17 cooperative banks, including eight in Maharashtra, in October. It is worth noting that these are the 17 Co-Operative Banks which the Reserve Bank of India (RBI) had imposed several restrictions, including withdrawals by depositors, in July in view of the deteriorating financial situation.

Deposit up to Rs 5 lakh cover

DICGC, a wholly owned subsidiary of RBI, provides insurance cover on bank deposits up to Rs 5 lakh. Of these 17 co-operative banks, eight are located in Maharashtra, four in Uttar Pradesh, two in Karnataka and one each in New Delhi, Andhra Pradesh and West Bengal.

These banks are: Co-operative Banks of Maharashtra… Sahebrao Deshmukh Co-operative Bank, Sangli Co-operative Bank, Raigad Co-operative Bank, Nashik District Girna Co-operative Bank, Saibaba Janata Sahakari Bank, Anjangaon Surji Nagari Sahakari Bank, Jaiprakash Narayan Nagari Sahakari Bank and Karmala Urban Co. There are operative banks.

According to the DICGC, payments were made to eligible depositors of Uttar Pradesh-based Lucknow Urban Co-operative Bank, Urban Co-operative Bank (Sitapur), National Urban Co-operative Bank (Bahraich) and United India Company Co-operative Bank (Nagina) in October. will go.

Karnataka Shree Mallikarjuna Pattana Sahakari Bank Regularya (Musky) and Shree Sharada Mahila Sahakari Bank (Tumkur) are also included in this list.

Eligible depositors of Ramgarhia Co-operative Bank in New Delhi, Suri Friends Union Co-operative Bank in Suri, Birbhum, West Bengal and Durga Co-operative Urban Bank in Vijayawada, Andhra Pradesh will be paid by DICGC in October. The DICGC said that the eligible depositors will have to support their claims by valid documents of identity.

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