The Reserve Bank of India monitors the functioning of all the banks in the country. Whenever a bank ignores the rules and acts arbitrarily, the RBI imposes a fine on it or even cancels the banking license. In this connection, the RBI has canceled the license of Purvanchal Cooperative Bank located in Ghazipur, Uttar Pradesh.
The central bank said that Purvanchal Cooperative Bank does not have adequate capital and earning capacity. The Reserve Bank said in a statement that the Corporation Commissioner of Uttar Pradesh and the Registrar of Cooperative Societies have also been asked to close the bank and order the appointment of a responsible person.
How much money will the account holders get?
Each depositor will be entitled to receive his deposit amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation i.e. DICGC. The RBI said that according to the data of Purvanchal Cooperative Bank, about 99.51 percent of the depositors are entitled to receive their entire deposit amount from DICGC.
Purvanchal Cooperative Bank is unable to pay depositors in full
The RBI said that Purvanchal Cooperative Bank is unable to pay its existing depositors in full with its current financial position. RBI said, 'The banks do not have adequate capital and earning capacity. If the bank is allowed to continue banking business further, it will adversely affect public interest.'
The bank will remain closed
The RBI has directed the Uttar Pradesh Cooperative Commissioner and Registrar of Cooperative Societies to close the bank and appoint a liquidator.
Withdraw money
The limit of insurance cover by DICGC is up to ₹ 5 lakh. Therefore, customers should use this limit properly and withdraw their money quickly.
For more information, customers can visit the website of DICGC or RBI.
The Reserve Bank has also directed the Cooperative Commissioner and Registrar, Cooperative Societies, Uttar Pradesh to close the bank. The RBI issued a statement on Monday saying that Purvanchal Cooperative Bank should be closed and a liquidator should be appointed. On completion of liquidation, Rs 5 lakh will be refunded to the bank account holders under the Deposit Insurance and Credit Guarantee Scheme (DICGC). DICGC benefits are available only if there is a deposit of up to Rs 5 lakh in the bank account. If more than this amount is deposited in the bank, it will not be refunded.
This incident highlights the importance of banking regulation. Customers should ensure that they deposit their money only in banks regulated by RBI and protected by deposit insurance.
हिंदी में पढ़ने के लिए यहां क्लिक करें
Is your bank registered for deposit insurance or not
If your money is deposited in a bank, you can check whether it is registered for deposit insurance or not by clicking on the link given below. Here is the link- https://www.dicgc.org.in/FD_ListOfInsuredBanks.html
Note:
Before adopting any health tips, consult a doctor. Because no one knows better than your doctor what is appropriate or how appropriate for your body
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અમારી પોસ્ટ/ફોટો/કન્ટેટ વાપરતા લોકો એ ક્રેડિટ (Backlink) આપવી જરૂરી છે. નક્કર મુશ્કેલીમાં મુકાઈ શકો છો. અમે આશા રાખીયે છીએ અમારી મેહનત ને તમે Credit જરૂર આપશો.
Note:
Before adopting any health tips, consult a doctor. Because no one knows better than your doctor what is appropriate or how appropriate for your body