Every bank in the nation is regulated by RBI . This information is helpful to you if you also have an account with the nation’s cooperative bank. The Reserve Bank of India has made a significant choice about a Maharashtra bank. The bank is currently subject to numerous limitations by the RBI, which directly affects the bank’s clientele.
We would like to inform you that the RBI
has taken significant action against the Maharashtra-based Shirpur Merchants Cooperative Bank. The Reserve Bank of India (RBI) has made several choices in response to the Shirpur Merchants Cooperative Bank, which is situated in Maharashtra and is experiencing financial difficulties. The bank won’t be able to provide credit. The RBI has imposed limitations on several services, including bank withdrawals. This cooperative bank would not be permitted to make any investments or provide new loans after Monday at the latest, according to a statement released by RBI.
RBI clearance will be required.
In addition, the central bank’s consent will be required before the bank can transfer or dispose of any of its assets. In light of Shirpur Merchants Cooperative Bank’s present financial situation, the Reserve Bank has taken this action. You will not be permitted to take money out of the account. This means that no money may be taken out of the total balance in all the savings bank or current accounts or any other account of the depositor. However, bank customers will be able to pay the loan from the amount deposited in their account under these terms and conditions of the Reserve Bank.
Possession of monies up to Rs. 5 lakh
The Deposit Insurance and Credit Guarantee Corporation (DICGC) would pay eligible depositors up to Rs 5 lakh for their deposit insurance claims. The limitations will last for six months. The limitations placed on Shirpur Merchants Co-operative Bank will be in effect for six months starting on April 8, 2024. When the bank closes for business. The Reserve Bank, however, stated that these directives should not be construed as a termination of the bank’s license. He declared that until its financial situation becomes better. The bank will carry on with its banking operations under these limitations.
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