RBI Bans Withdrawal Money on this Bank: The Reserve Bank of India has taken major action against Mahashankarrao Pujari Nutan Nagri Sahakari Bank Limited, located in Kolhapur, the cooperative bank of Maharashtra. The central bank has now banned Mahashankarrao Pujari Nutan Nagri Sahakari Bank Limited from withdrawing money. After this ban, now the customers of the bank will not be able to withdraw their money. For a long time, Mahashankarrao Pujari Nutan Nagari Sahakari Bank Limited was facing financial crisis.
Due action on the bank
About 99.88 percent of the depositors in this bank are covered by Deposit Insurance and Credit Guarantee Corporation insurance. Under the scheme, depositors get the facility of insurance on the total deposit of Rs 5 lakh. Giving information on this matter, RBI has said that the ban on withdrawal from the bank has been imposed from May 13, 2022. This ban will be in place for the entire 6 months. Along with this, RBI will continuously review the functioning of the bank. RBI has told that this decision has been taken to maintain liquidity in the bank. Due to this, customers can no longer be allowed to withdraw money from the account.
Along with this, RBI has also told that this move of the central bank should not be seen in the context of bank closure. RBI has not canceled the license of this cooperative bank. Along with this, RBI has told that now the bank will have to take permission from RBI before renewing any kind of loan.
What is DICGC?
DICGC is a subsidiary of the Reserve Bank of India, which provides insurance cover to the customers on the amount deposited in the bank. It provides insurance for an amount up to Rs 5 lakh. There is no risk of losing the money of the customers through this insurance cover.
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