RBI Canceled Bank License: There is big news for crores of customers having an account in the bank. If you also have an account in the bank, then know that the Reserve Bank is going to close a bank soon. Many types of instructions are issued by the RBI for the bank, which everyone has to follow. Also, RBI prepares all kinds of guidelines for banks.
The bank will be closed on September 22, let us tell you that the licenses of many banks and financial institutions have been canceled so far by the RBI. At the same time, now the Reserve Bank has decided to cancel the license of another bank. After this decision of RBI, this bank will be closed from 22 September i.e. from this month.
RBI canceled the license
RBI had decided to cancel the license of Pune-based Rupee Co-operative Bank Limited in August. Let us tell you that after the decision of RBI, the banking services of this bank will be closed from September 22, this is important news for all the customers whose money is in this bank.
Why was the license cancelled?
The Reserve Bank has told that the bank will close its business on 22 September. After this, customers will neither be able to deposit nor withdraw their money. Apart from this, you will not be able to do any kind of financial transaction. RBI said that the bank does not have sufficient capital and further earning prospects. For this reason the license of this bank is being canceled.
5 lakh will not comply with the provisions of Section 11(1) and Section 22(3)(d) of the Banking Regulation Act, 1949 as per the rules of the Reserve Bank. The bank has failed to comply with sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e). Subject to the provisions of the DICGC Act, 1961, each of the depositors shall be entitled to receive a deposit insurance claim amount up to ₹ 5,00,000 (Rupees five lakhs).
