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Reserve Bank banned three cooperative banks! Know what will happen to customers’ money now

RBI Action on Cooperative Banks: The Reserve Bank of India i.e. RBI has taken strict action on the three cooperative banks of the country. In view of the deteriorating economic condition of these banks, RBI has banned the withdrawal of money from the bank. The three banks that RBI has taken action against are – Jaiprakash Narayan Nagari Cooperative Bank (Basmatnagar), The Karmala Urban Cooperative Bank (Solapur) and Durga Cooperative Urban Bank (Vijayawada). The central bank has fixed the limit for withdrawal of money from these banks. Account holders will not be able to withdraw money more than this fixed limit.

Customers will be able to withdraw so much from their accounts
Giving information about the restrictions imposed on these banks, RBI has said that the withdrawal limit on different banks has been fixed differently. In this, customers will not be able to withdraw even a single penny from Jaiprakash Narayan Nagari Cooperative Bank (Basmatnagar). At present, the withdrawal of customers has been completely banned. On the other hand, in The Karmala Urban Cooperative Bank (Solapur), customers will be able to withdraw only up to Rs 10,000. At the same time, customers will be able to withdraw cash of Rs 1.5 lakh from Durga Cooperative Urban Bank (Vijayawada).

Customers get the benefit of DICGC’s insurance
To keep the money of customers safe in banks, insurance facility is available on an amount up to Rs 5 lakh. This facility is available under the Deposit Insurance and Credit Guarantee Corporation (DICGC) Insurance Scheme. In such a situation, in case of bank sinking or cancellation of the bank’s license, customers get insurance of up to Rs 5 lakh. Let us tell you that DICGC is a subsidiary of the Reserve Bank which provides financial security to the customers in the event of bank sinking.

Earlier, action was taken on 3 cooperative banks
Recently, in view of the poor economic condition, RBI had taken action on 4 more cooperative banks. This includes the names of The Suri Friends Union Cooperative Bank Limited Suri (West Bengal), National Urban Cooperative Bank Limited Bahraich (Uttar Pradesh) and Saibaba Janata Sahakari Bank.

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