The Reserve Bank of India (RBI) has now banned one more cooperative bank. After which its account holders will be paid a maximum of Rs 5 lakh of the total deposits or the deposit in the account, whichever is less. So let's know which bank RBI has banned and how much money the account holders will get.
According to the new directions of RBI, New India Co-operative Bank will not be able to give any loan or advance without prior approval from February 14. Apart from this, from today this bank will not accept any customer deposits or withdraw money.
Why are there queues outside the bank?
A large crowd of customers gathered outside a bank in Andheri, Mumbai, early on Friday morning. The customers came to know that the RBI has imposed several restrictions on the bank, due to which withdrawal of money from their accounts has stopped. As soon as this news was received, people rushed to the bank to withdraw money, due to which a huge crowd was created outside the bank.
Why RBI bans New India Cooperative Bank ?
The Reserve Bank of India (RBI) on Thursday imposed several financial restrictions on Mumbai-based New India Cooperative Bank. According to a PTI report, in view of the bank's current liquidity situation, the RBI has banned account holders from withdrawing money for six months.
How much will customers get at most?
As per the new RBI rules, eligible depositors will be entitled to get deposit insurance up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). In addition, banks will be able to meet essential expenses like salaries of employees, rent and electricity bills.
Important Updates & RBI’s Official Notification
न्यू इंडिया को-ऑपरेटिव बैंक पर आरबीआई ने लगाया बैन, डिपॉजिटर्स के पैसे निकालने पर लगी रोक#RBI #NewIndiaCooperativeBank #RBIAction #Bank pic.twitter.com/rNriTTGSs3
— India TV (@indiatvnews) February 14, 2025
This information is important for everyone who is associated with New India Cooperative Bank. If you also have an account with this bank, it will be important to take appropriate steps for your financial planning.
The RBI’s ban on New India Cooperative Bank has left thousands of customers in distress. If you hold an account in this bank, it’s crucial to plan your finances accordingly and stay updated with official RBI announcements.
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