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 bank’s depositors Deposit Insurance and Credit Guarantee Corporation (Deposit Insurance and Credit Guarantee Corporation) falls under the insurance. Depositors under the scheme to get insurance facility on total deposits of Rs 5 lakh. RBI freeze is informed on this matter that the bank had looked at 2022 May 13. This stop will be engaged full 6 months. At the same time will also be reviewed constantly central bank (RBI) on the bank’s performance. The central bank explained that liquidity maintained in the bank it has Faisaly. This is because customers can no longer be disallowed sums of money withdrawn from the account.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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