RBI closed this bank. customers only get so much money. Know the details about it. bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india takes various decisions related to banks from time to time. Now the RBI has revoked the license of another bank. customers who have accounts with this bank may face problems. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has canceled the license of Mumbai's 'The Kabul Co-operative bank Limited'. The central bank has said that the bank is undercapitalized and has no prospect of earning income, hence the RBI has taken this decision.
Bank deposit and non-refundable:
Following the revocation of the licence, the RBI said in a statement that there has been an immediate ban on banking operations including acceptance of deposits and withdrawal of deposits.
The bank was ordered to close:
Further, the additional secretary of the Ministry of Cooperatives and the Central Registrar of Cooperative Societies have also been requested to issue an order to close the bank and appoint a liquidator to the bank, the statement said. Every depositor is entitled to a deposit insurance claim amount of up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC), RBI said. With this, about 96.09 percent of the bank's depositors will be entitled to get their entire deposits from DICGC.
Apart from this, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has imposed several restrictions in view of the poor financial condition of Ahmedabad-based Varna Merchants Cooperative bank, wherein a customer can withdraw a maximum of Rs. 50,000 can be withdrawn The restrictions imposed by the RBI have come into effect from september 25 with the closure of banking business and will remain in force for six months, the RBI said.
Bank cannot lend
The central bank said that traders cannot extend loans or renew old loans without the prior approval of the Co-operative Bank. Apart from this, there is a ban on making any investment and taking new deposits.
Customers can withdraw only Rs.50,000:
A depositor will not be allowed to withdraw more than Rs 50,000 from his total deposit, RBI said.