India’s famous bank closed, people’s money was lost and there was chaos
There are many banks in India, all those banks have their own rules and they run according to their own rules and regulations. But in the meantime, the Reserve Bank of India is taking a very strict stand on banks and RBI has canceled the license of another cooperative bank, due to which there is panic among the common people and people are in tension.
RBI Bank License Cancelled
RBI is taking a tough stand towards banks. Another bank’s license has been canceled by RBI. It is being told that the license of The City Co-operative Bank LTD located in Mumbai, the capital of Maharashtra, has been canceled. RBI has stated in the circular that orders have been given to stop all banking related work immediately.
The Reserve Bank of India has told that the people who had an account in this bank can get back an amount of up to ₹ 500000. If someone has deposited more than 5 lakh rupees, then they will not get the money back.
You will get money up to ₹500000
RBI has cancelled the license of Maharashtra based The City Cooperative Bank Limited, after which the customers are upset. Now if the customer has deposited Rs 10 lakh or more, then RBI has instructed that you will get back only ₹500000. If the bank closes, you get only ₹500000 under the deposit insurance cover.
In the circular issued by RBI, it has been informed in detail that after the bank closes, the total amount of the customer having an account in the bank is returned only up to ₹500000.
Bank Closed: Bank’s license was cancelled because of this
RBI said that the rules were being ignored in the bank continuously and along with this, the bank did not have enough money to run the bank, so this bank was being warned repeatedly and for not heeding the warning, it has been decided to cancel the license of this bank.
In the last several years, many types of irregularities, financial scams and irregularities have come to light in banks operating in many states.
RBI has imposed fines on many banks and taking strict action, the license has been cancelled. Actually, RBI bank welfare has been in the priorities of the central bank so that the money invested by the customers in any bank can be kept safe.
