RBI decided to close this bank: Customers will get Rs 5 lakh
The Reserve Bank of India (RBI) has canceled the license of The kapol Co-Oprative Bank ltd for Shortage of capital in the bank. RBI has said that every depositor is eligible to get insurance claim of Rs 5 lakhs.
The Reserve Bank of India takes several decisions from time to time regarding banks. RBI has now canceled the license of another bank. This will cause problems for customers who have accounts in this bank. The Reserve Bank of India (RBI) has canceled the license of The kapol Co-Oprative Bank ltd for Shortage of capital in the bank.
- The bank does not have any capital. The Central Bank has said that there is no way of earning any more. Due to this reason Reserve Bank of India has taken the decision to close the bank.
Not possible to deposit or withdraw money in the bank:
The Reserve Bank of India said in a statement that the cooperative bank has been banned from banking business with immediate effect with cancellation of licence. In this background, it is no longer possible to deposit or withdraw deposits in this bank.
Bank Closure Order:
According to an RBI statement, the Additional Secretary of the Ministry of Cooperatives and the Central Registrar of Cooperative Societies have also been ordered to close the bank and appoint a liquidator for the bank.
Rs 5 lakhs to Bank customers. :
RBI has said that every depositor is eligible to get insurance claim of Rs 5 lakhs from Deposit Insurance and Credit Guarantee Corporation (DICGC). In this way, about 96.09 percent of the bank’s depositors are eligible to get their entire deposit amount from DICGC.
Also Read: Central Govt New Scheme: Home Loan Up To Rs 50 Lakh With Just 3 Percent Interest
Restriction on Color Merchants Cooperative Bank :
Besides, the Reserve Bank of India (RBI) has imposed several restrictions on Ahmedabad-based Color Merchants Cooperative Bank in view of its deteriorating financial condition. only for customers in this. Customer can withdrawals Only Rs 50,000 are allowed from the account.
Also Read: New Rule Implemented From October 1: Do This Before September 30
The RBI said in a statement that the restrictions it imposed came into effect with the closure of banking business on September 25. This restriction will be in force for another six months. The Central Bank said that Color Merchants Cooperative Bank cannot lend or renew old loans without its prior approval.
Apart from this it is restricted from making any investment and accepting new deposits. RBI has made it clear that depositors are not allowed to withdraw more than Rs 50,000 from their total deposits with the bank.
Comments are closed.