RBI Latest News:
After two days from today, another co-operative bank is going to be closed.
The Reserve Bank of India (RBI) has ordered the closure of the Pune-based Rupee Co-operative Bank Ltd.
Due to non-compliance with the rules of the Reserve Bank, the services of this bank will be closed after September 22.
After September 22, 2022, customers of Rupee Co-operative Bank cannot withdraw the money deposited in the bank.
The financial condition of this co-operative bank based in Pune has become very bad. According to RBI, the bank has no capital left.
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.
Reserve Bank of India keeps on imposing fines from time to time on many banks in the country for not following the rules.
If banks continue to ignore the rules, then RBI cancels their banking license and also imposes fine on them.
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.