If you have an account in Rupee Co-Operative Bank and there is a substantial amount deposited in it, then withdraw it immediately. Actually, this bank is going to be closed on September 22, 2022.
New Delhi. If you have an account in Rupee Co-Operative Bank Limited bank or if you have deposited money in this bank in any way, then withdraw it soon. Because the license of this bank has been canceled by the Reserve Bank of India, the central bank of the country. You will not be able to transact with this bank after a certain date.
After September 22, 2022, customers of Rupee Co-operative Bank will not be able to withdraw the money deposited in their account. If a customer has also got Fixed Deposit (FD) done in this bank, then they may also have to face problems.
When can the money be withdrawn
The Reserve Bank has given a time till September 22, 2022 to the customers of Rupee Co-operative Bank Limited to withdraw money from their account. Accordingly, the customers of Rupee Co-Operative Bank Limited have only 7 days left to withdraw their money.
What the Reserve Bank said
The Reserve Bank of India had issued a release on August 10, stating that the license of Pune’s Rupee Co-Operative Bank Limited would be canceled after 6 weeks from August 10. This time is going to be completed on 22 September 2022. This means that the license of the bank will be canceled after 7 days.
What happens if you can’t get out on time?
If a bank is closed, then its customers get a deposit insurance cover of Rs 5 lakh on the money deposited in the bank. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank, gives you an insurance cover on this. If you have less than 5 lakh rupees in Rupee Bank, then it will not sink.
Why was the bank’s license cancelled?
Due to ignorance of banking rules by Rupee Co-Operative Bank Limited, major action has been taken to cancel the license. The Reserve Bank of India takes such action on banks that do not comply with the rules. Even before this, the Reserve Bank has canceled the licenses of many banks due to non-compliance with the rules.
Rupee Bank bypasses the rules
This action of the Reserve Bank on Rupee Co-Operative Bank Limited has been taken due to the deteriorating financial position of the bank and non-compliance of the instructions of the Reserve Bank. According to the Reserve Bank, there is no capital left with the Rupee Bank, nor does the bank have any means of earning. For this reason, the Reserve Bank has canceled the license.
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