# New Delhi: This time, the Reserve Bank of India has revoked the license of Independence Co-operative Bank Ltd, an independent cooperative bank in Maharashtra. And this bank will not be able to provide banking services to customers A statement from the RBI said, “The bank has suspended its services since February 3, 2022.” The RBI issued the directive on Thursday
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The Reserve Bank of India (RBI) said in a statement that it had imposed some restrictions last year on the bank’s financial situation. Due to this decision taken at that time, the customers could not withdraw money for 6 months Even then, as the financial condition of the bank did not improve, it was decided to cancel the license The Reserve Bank of India (RBI) said in a statement that it does not have enough capital to earn income in the coming days. In such a situation, the bank’s license was revoked in the interest of the customers
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Customers will receive a refund according to the rules –Independent Co-operative Bank Ltd., based in Nashik, Maharashtra, was ordered to revoke its license and return the money to its customers in accordance with the rules.
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According to the instructions of the Reserve Bank, the deposits of customers up to Rs 5 lakhs will be refunded According to the bank, 99% of the account holders will receive a full refund In other words, 99 per cent of the customers have 5 lakhs or less money deposited in the bank As a result , 1 percent of customers will be affected by the revocation of the bank’s license.
Return up to Rs 5 lakh –
According to the rules, if a bank goes bankrupt, customers will receive a maximum refund of up to Rs 5 lakhs. If you have more money, you will not receive a refund Deposit Insurance Credit Guarantee According to the rules in DICGC, each customer has insurance up to a maximum of 5 lakhs. As of January 26, 2022, the bank had returned Rs 2.36 crore to its customers, according to the RBI.
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Tags: Bank License Canceled, RBI
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