Reserve Bank Of India Cancels The License Of Dr Shivajirao Patil Nilangekar Urban Co-operative Bank, Know What Will Happen To Customers Deposited Money


July 14. The Reserve Bank of India (RBI) has canceled the license of another bank in Maharashtra. 

According to RBI, the bank simply did not have enough capital and the earning potential was also negligible. 

In such a situation, RBI has canceled the license of this bank. As soon as RBI has canceled the license of this bank, the ban on all transactions with this bank has come into effect from that time. 

After this, now the customers of the bank will not be able to withdraw their money deposited in this bank. After all, what will happen to the deposited money of the customers, let us know next.

This is Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank Ltd.

The name of the bank whose license has been canceled by RBI is Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. This bank is also from Maharashtra. 

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Even before this, RBI has taken similar action on many banks in Maharashtra. There are about half a dozen such banks, in which the deposits of customers are stuck.

RBI gave orders to close this bank

According to RBI Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank Limited may be unable to repay the money of its depositors. 

The RBI estimates that this bank is not in a position to meet its liabilities in its current financial position. 

In view of this, RBI has asked the Cooperative Commissioner and Registrar of Cooperative Societies, Government of Maharashtra to issue an order to close the bank and appoint an officer for the bank.

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This bank cannot be run regularly

RBI has informed that Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank has no source of income to sustain itself at this time. 

It is not functioning as per the provisions of the Banking Regulation Act, 1949. In such a situation, RBI believes that it is not appropriate for this bank to remain for the customers. 

If this bank is allowed to continue with the business, it may affect the customers of the bank.

Know how to get the money back of the customers of this bank

There is a rule in the country that insurance is provided to these banks by the Deposit Insurance and Credit Guarantee Corporation. 

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Under this, deposits in these banks are guaranteed up to Rs 5 lakh. In such a situation, now the customers of Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank Ltd. will get their deposited money back under this guarantee scheme. 

It should be noted here that only those who have deposits up to Rs 5 lakh will get it back. If the deposit money of an account holder is more than Rs 5 lakh, then he will get back only up to Rs 5 lakh. 

Here Rs 5 lakh is calculated by adding the principal amount and the interest earned on it.

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