RBI Update – According to an update from RBI, RBI has canceled the license of this bank. Along with this, it has also been said that now the customers will get only 50 thousand rupees.
RBI Cancel License of Uttar Pradesh Bank: The Reserve Bank of India (RBI) has canceled the license of a bank in Uttar Pradesh. The central bank has taken this decision keeping in mind the safety of the customers. RBI has canceled the banking license of United India Co-operative Bank Limited of Bijnor, Nagina, Uttar Pradesh, UP. It is a co-operative bank of UP.
Why did RBI take this decision-
Reserve Bank of India has canceled the license of United India Co-operative Bank Limited of Bijnor, Nagina. RBI has taken this decision due to lack of sufficient capital and earning capacity of the bank. For this, the bank has given this order to the co-operative commissioner and registrar. Along with this, a liquidator has also been appointed by RBI for this.
Now there will be no work of public dealing-
From now onwards no work will be done in United India Co-operative Bank. It is closed for business. Now neither money will be deposited nor cash will be withdrawn in this bank. The United India Co-operative Bank Ltd. failed to comply with the requirements of 22(3) (A), 22(3) B, 22 (3) C, 22 (3) (D) and 22 (3E) of the Banking Regulation Act. Because of this the central bank has taken this decision.
How much money can customers withdraw –
For the customers of this bank, RBI has said that this bank is not suitable for the interests of depositors and customers. The bank cannot give the full amount to the customer due to its financial condition. In such a situation, the bank’s customer depositor can withdraw money up to Rs 5,00,000 from the Deposit and Credit Guarantee Corporation (DIGCS) under the rules.
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