RBI Reserve Bank of India, the bank which regulates all the banks in India, has given a big blow to a cooperative bank, due to which now the customers of that bank cannot withdraw more money from their account. What is the full news? Let us know.
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On Monday, September 25, the RBI Reserve Bank of India imposed several restrictions on the Ahmedabad-based Color Merchants Co-operative Bank given the deteriorating financial condition of the bank, due to which the bank has to seek a lot of permission from the RBI. Got a shock.
RBI Big Update
Customers can withdraw only this much money
The Reserve Bank of India has imposed restrictions on Color Merchants Co-operative Bank, saying that “all depositors will not be allowed to withdraw more than Rs 50,000 from their deposits”. This means that Color Merchants Co-operative Bank will All customers can withdraw only ₹ 50,000 from their bank account.
If an account holder tries to withdraw more than ₹50,000, it will not be approved. Along with this, RBI has also imposed several restrictions on Color Merchants Co-operative Bank.
How long will the ban last?
RBI has also said in its statement regarding Color Merchants Co-operative Bank that from September 26, all the restrictions imposed by us will be applicable on the bank and these restrictions will remain applicable on the bank for the next 6 months.
Along with this, these banks cannot give any loan to anyone without the permission of the Central Bank, nor can any old loan be renewed. Apart from this, RBI has also stopped this bank from accepting any investment and new money.
What will happen to the customers now?
Central Bank RBI has also said that account holders of this bank will also get the benefit of deposit insurance from Deposit Insurance and Credit Guarantee Corporation for deposits up to Rs five lakh. For more information about which account holders can contact bank officials.
Apart from this, the central bank has said that all the restrictions imposed by them should not be seen as cancellation of the banking license of Color Merchants Co-operative Bank, the bank will continue its functioning with these restrictions to improve its financial position.