RBI: RBI cancels the license of Vasantdada Nagari Cooperative Bank, what will happen to the amount of depositors
New Delhi. The Reserve Bank of India (RBI) on Monday canceled the license of Vasantdada Nagari Sahakari Bank, located in Osmanabad, Maharashtra. RBI said that the bank will not be able to return the entire money of the present depositors according to its current financial situation. That is why his license is being canceled. RBI action on Bajaj Finance, imposed a penalty of 2.5 crores, know what was the reason The central bank said that with the cancellation of the license of the cooperative bank and the process of liquidation has started, the process of returning the money of depositors of Vasantdada Nagari Cooperative Bank will also be started.
Deposit up to Rs 5 lakh secured
The Reserve Bank said that the license of the co-operative bank will be considered canceled after the business ends on Monday. After this, the cooperative bank will not be able to operate. Depositors will be eligible to get a deposit of up to five lakh rupees from Deposit Insurance and Credit Guarantee Corporation (DICGC) after liquidation.
99% will be full payment
RBI has said that more than 99 percent of depositors of Vasantdada Nagari Cooperative Bank will be paid in full by DICGC for their deposits. RBI has said that in the current financial situation of Vasantdada Nagari Cooperative Bank, it is unable to make full payment to the depositors. It further said that an appeal has been made to the Commissioner for Cooperation and Registrar of Cooperative Societies (RCS) of Maharashtra to issue orders and appoint liquidators to consolidate the business of the bank. RBI canceled the license of this bank, said – the way of working is bad; What will happen to the depositors?
Another bank in Maharashtra had its license canceled
RBI has canceled the license of the troubled ‘Karad Janta Cooperative Bank’ in Karad, Maharashtra. Please tell that before November 2017, the Reserve Bank had imposed some restrictions on Karad Janata Cooperative Bank. RBI has said that after the cancellation of the license, now the bank will be completely closed.