Now the license of this bank has been canceled by RBI, know what will happen to the money of the account holders

RBI Action: Big news related to Reserve Bank of India (RBI) is coming out. RBI Bank on Monday canceled the license of Garha Co-operative Bank in Guna, Madhya Pradesh. RBI says that this bank neither has sufficient capital nor is there any possibility of earning further. Know what is the reason behind the cancellation of the license of the bank.

RBI canceled the license

RBI said that, about 98.4 percent depositors of this co-operative bank are entitled to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). Consequent to the cancellation of the licence, the bank has been prohibited from accepting deposits and conducting a number of activities with immediate effect. RBI has canceled the licenses from the end of business hours on Monday. RBI said that the bank does not have sufficient capital and earning potential is negligible. Gadha Sahakari Bank with its current financial position will be unable to pay its existing depositors in full.

Account holders will get money

RBI has told the bank’s account holders that each depositor will be given his deposit insurance claim amount up to Rs 5,00,000 from DICGC. Till December 19, 2022, DICGC has already paid Rs 12.37 crore out of the total insured deposits based on the request received from the concerned depositors of the bank.

this bank of maharashtra closed

Even before this, RBI canceled the license of Sarjerodada Naik Shirala Cooperative Bank located in Sangli, Maharashtra. The Cooperative Commissioner and Registrar of Cooperative Societies in Maharashtra have also been requested to issue an order to wind up the bank and appoint a liquidator for the lender.

3 banks were also fined

Earlier, RBI had also imposed fine on 3 cooperative banks. The Reserve Bank of India had fined three co-operative banks, including the Civil Co-operative Bank Limited, located in Raipur, Chhattisgarh. These banks were fined for lapses in regulatory compliance. Apart from this, the Reserve Bank also imposed a penalty of Rs 1 lakh on the District Cooperative Central Bank Maryadit (Panna).

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