RBI Corrective Action Plan: This bank will be locked next week, license canceled for not following the rules

Rupee Sahakari Bank Latest News: The Reserve Bank of India in the country has ordered the closure of a cooperative bank based in Pune. Rupee Co-operative Bank is the name given to this institution. Its license has been canceled from RBI. Pune-based Rupee Sahakari Bank Limited has been ordered to be closed from next week due to non-compliance with the rules of the Reserve Bank of India. You have until September 22, 2022, if you are a customer of this bank, to withdraw your money. After this date, you will not be able to withdraw your money deposited in the bank. It is time for you to withdraw money from your savings bank account or FD account.

Bank license canceled
The RBI said in a statement issued on 10 August 2022 that the license of Pune’s Rupee Co-operative Bank Limited would be canceled after 6 weeks from 10 August. The license of the bank will be canceled on 22 September 2022. Following that, the bank’s customers won’t be able to withdraw the money they’ve deposited in their savings accounts. Additionally, if there is a fixed deposit, take it out immediately; otherwise, you will be responsible for the loss.

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Insurance cover of only 5 lakhs
Let us tell you that under the Deposit Insurance and Credit Guarantee Corporation Insurance Scheme, deposits up to Rs 5 lakh in banks are insured. Due to this, customers do not run the risk of losing such deposits in the event of the bank’s bankruptcy or its license being canceled.

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