RBI canceled the license of this bank, customers will be able to withdraw only 50 thousand rupees
RBI Cancels UP Bank License: The country's central bank canceled the license of a bank in UP yesterday. RBI has taken this decision due to the unsafe for the customers and non-fulfillment of the requirements of banking rules. Let us know through this article that now how much money customers can withdraw from this bank.
The Reserve Bank of India (RBI) has canceled the license of a bank in Uttar Pradesh. The central bank has taken this decision keeping in mind the safety of the customers. RBI has canceled the banking license of United India Co-operative Bank Limited of Bijnor, Nagina, Uttar Pradesh, UP. It is a co-operative bank of UP.
The Reserve Bank of India has canceled the license of the United India Co-operative Bank Limited of Bijnor, Nagina. RBI has taken this decision due to a lack of sufficient capital and earning capacity in the bank. For this, the bank has given this order to the cooperative commissioner and registrar. Along with this, a liquidator has also been appointed by RBI for this.
From tomorrow i.e. from 19 July 2023, there will be no work in the United India Co-operative Bank. It is closed for business. Now neither money will be deposited nor cash will be withdrawn from this bank. The United India Co-operative Bank Ltd. failed to comply with the requirements of 22(3) (A), 22(3) B, 22 (3) C, 22 (3) (D), and 22 (3E) of the Banking Regulation Act. Because of this, the central bank has taken this decision.
For the customers of this bank, RBI has said that this bank is not suitable for the interests of depositors and customers. The bank cannot give the full amount to the customer due to its financial condition. In such a situation, the bank's customer depositor can withdraw money up to Rs 5,00,000 from the Deposit and Credit Guarantee Corporation (DIGCS) under the rules.
