News India Live, Digital Desk: It is the responsibility of the Reserve Bank of India (RBI) to make rules related to banks and monitor from holidays to functioning. When a bank breaks these rules or gets caught in financial crisis (RBI latest update), RBI takes action against him. In this series, the Reserve Bank of India has recently canceled another bank license. Let’s know the whole news and also what will happen to the money of the bank customers now.
Why did RBI cancel the license?
The central bank of the country, i.e. Reserve Bank of India (RBI Update), informed on Friday that he in Jalandhar, Punjab Imperial Urban Co-operative Bank The license has been canceled with immediate effect. RBI took this tough step because the bank’s financial condition was very bad. The bank had neither enough capital (money) left nor did he see any expectation of its earnings in the future.
Customers will get back to ₹ 5 lakh
Now the biggest question is, what will happen to the customers whose money is deposited in this bank? RBI has clarified that when the bank’s closure process starts, each depositor Deposit Insurance and Credit Guarantee Corporation (DICGC) On your deposits from Up to ₹ 5 lakh The insurance of is entitled to receive the claim. That is, if you have deposits of Rs 5 lakh or less, then you will get the entire amount back. If there are more than 5 lakh deposits, a maximum of 5 lakh rupees will be refunded by DICGC.
The registrar of cooperative societies of Punjab Government (Punjab Government Update) has also been asked to issue an order to close the bank and appoint a liquidator for it.
How many customers will get full money?
RBI said on the basis of data given by the bank (latest bank update) that About 97.79% depositors There are those who will get back the entire amount of their deposit from DICGC, because their deposit is within the limit of ₹ 5 lakh. RBI also stated that out of the total deposits of DICGC 5.41 crore rupees have already been paid (This payment can be under earlier procedure).
The Reserve Bank clearly stated that keeping the Imperial Urban Co-operative Bank operational would have been harmful to the interests of UPDATE for Depositers.
Why can the bank not repay the entire money?
According to the RBI, the current financial situation of the bank is so bad that it is not able to pay all its deposits to all its depositors. If the bank (latest bank update) was allowed to continue banking business, it would have a bad effect on the interests of the common people.
Impact of cancellation of license
With the cancellation of the license, Imperial Urban Co-operative Bank has been banned from doing any ‘banking’ business with immediate effect. This includes taking new deposits and repaying the deposit amount (in addition to the DICGC claim process). RBI (RBI update) periodically reviews the financial health of banks and takes such stringent steps to protect customers when disturbances are found.
The post RBI’s big action: License of this co-operative bank of Jalandhar canceled! Learn what will happen to customers’ money? First appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
