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reserve Bank of India: The Reserve Bank supervises all the banks of the country. The Reserve Bank of India has now taken an important decision on this bank. This action taken by RBI will have a direct impact on the customers of the bank.
RBI against Shirpur Merchants Cooperative Bank of Maharashtra important steps have been taken , The Reserve Bank of India (RBI) has taken several decisions keeping in mind the deteriorating financial condition of Maharashtra-based Shirpur Merchants Cooperative Bank.
This bank will not be able to give loan:
RBI has banned many services including withdrawing money from the bank. RBI said in a release that after the close of business on Monday Cooperative bank No one will be able to issue new loans or make any investments.
RBI permission required:
Additionally, the bank cannot transfer or dispose of its assets without the permission of the central bank. The Reserve Bank has taken this step keeping in mind the current financial condition of Shirpur Merchants Cooperative Bank.
No withdrawal from account:
It does not permit withdrawal of any amount from the total balance in all savings bank or current accounts or any account of the depositor. However, subject to these terms and conditions of the Reserve Bank, the bank customer is able to repay the loan from the amount deposited in his account.
Eligibility for amount up to Rs 5 lakh:
RBI said eligible depositors are eligible for deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Restrictions will remain in effect for 6 months:
The restrictions imposed on Shirpur Merchants Co-operative Bank will remain in force for six months from the close of business on April 8, 2024. However, RBI said that these instructions should not be interpreted to mean cancellation of the bank's license.