Reserve Bank of India RBI has banned 5 cooperative banks in the country for 6 months. Due to this, the customers of the bank will not be able to withdraw their money deposited in the bank. At the same time, these banks will neither be able to give loans to anyone nor take loans without the permission of RBI. Apart from this, you will not be able to transfer any of your property.
The Reserve Bank of India (RBI) has banned five cooperative banks in the country due to their deteriorating financial condition. This restriction imposed by RBI has been imposed for 6 months. Due to this, the customers of the bank will no longer be able to withdraw their deposited money. Along with this, banks will neither be able to give new loans to anyone nor take loans without the approval of RBI. Apart from this, you will not be able to transfer any of your property.
RBI has imposed partial deposit withdrawal restrictions on 3 out of 5 banks. At the same time, two other banks have been completely banned.
Ban on these banks
Reserve Bank of India has banned the 5 cooperative banks.
Among them HCBL Co-operative Bank, Lucknow (HCBL Co-operative Bank),
Adarsh Mahila Nagari Sahakari Bank Maryadit,
Aurangabad (Adarsh Mahila Nagari Sahakari Bank Maryadit),
Shimsha Sahakara Bank Niyamitha Maddur-Karnataka (Shimsha Sahakara Bank Niyamitha),
Uravakonda- operative Town Bank,
Uravakonda-Andhra Pradesh (Uravakonda Co-operative Town Bank Ltd)
and Shankarrao Mohite Patil Sahakari Bank,
Akluj-Maharashtra (Shankarrao Mohite Patil Sahakari Bank).
However, customers of Uravakonda Co-operative Town Bank and Shankarrao Mohite Patil Sahakari Bank can withdraw up to Rs 5,000.
While customers of HCBL Sahakari Bank Lucknow, Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, and Shimsha Sahakari Bank Niyamitha Maddur could not withdraw money due to a lack of liquidity.
The Reserve Bank of India said that eligible depositors of all five cooperative banks will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation. The purpose of this move RBI is to protect the interests of the depositors. Along with this, the financial system has to be improved.
MORE FOR YOU
