If you also have an account in this bank, then definitely read this news once. Actually the license of this bank has been cancelled. In such a situation, it is necessary to know that now how the customers will withdraw their money from this bank.
The Reserve Bank of India (RBI) has canceled the license of Gadha Sahakari Bank located in Guna, Madhya Pradesh. RBI has said that this bank neither has sufficient capital nor is it likely to earn further.
About 98.4 per cent depositors of this cooperative bank are entitled to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), RBI said in a statement.
Canceled license
Consequent to the cancellation of the licence, the bank has been prohibited from conducting various activities including acceptance of deposits and repayment of deposits with immediate effect. The RBI canceled the license at the end of business hours on Monday, saying the bank was not adequately capitalized and earning potential was non-existent.
The Gadha Sahakari Bank with its current financial position will be unable to make full payments to its existing depositors.
Depositors will get this much money-
RBI has said that every depositor will be entitled to receive his deposit insurance claim amount up to Rs 5,00,000 from DICGC. Till December 19, 2022, DICGC has already paid Rs 12.37 crore out of the total insured deposits based on the request received from the concerned depositors of the bank.
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