RBI Latest News:

The Reserve Bank of India (RBI) has ordered the closure of the Pune-based Rupee Co-operative Bank Ltd.

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Due to non-compliance with the rules of the Reserve Bank, the services of this bank will be closed after September 22.

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After September 22, 2022, customers of Rupee Co-operative Bank cannot withdraw the money deposited in the bank.

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The financial condition of this co-operative bank based in Pune has become very bad. According to RBI, the bank has no capital left.

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Let us tell you that according to the rules of RBI, there is an insurance cover on deposits of customers up to Rs 5 lakh in banks.

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Reserve Bank of India keeps on imposing fines from time to time on many banks in the country for not following the rules.

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If banks continue to ignore the rules, then RBI cancels their banking license and also imposes fine on them.

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This is not the first time, that RBI has canceled the licenses of many banks in the past in view of their poor financial condition.

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