The central bank has recently canceled the license of a Maharashtra cooperative bank. Even before this, RBI has canceled the license of many banks and imposed heavy fines on many. This decision of RBI can have an effect on the customers as well.
The Reserve Bank of India (RBI) often takes strict measures when banks violate rules and keep in mind the safety of customers. The central bank has recently canceled the license of a Maharashtra cooperative bank. Even before this, RBI has canceled the license of many banks and imposed heavy fines on many. According to RBI, this step has been taken due to Babaji Date Mahila Sahkari Bank Limited not having sufficient capital and no earning potential.
For the time being, customers will not be able to withdraw money and make payment. According to the report, the RBI has announced the cancellation of its license while imposing business restrictions on the bank on Friday. Till October 16, 2022, Rs 294.64 crore of the total sum insured has already been paid by DICGC.
The business of the bank has been completely completed. Otherwise, the customer will be able to take the deposit and neither will be able to deposit the amount. According to the Reserve Bank, most depositors will get their full money back. According to statistics, about 79% of depositors, loan guarantee terms and deposit insurance are entitled to take full amount of their deposits.
