'This' bank is closing... Withdraw money immediately..!?

The RBI has been keeping a close eye on the rise of bad loans and mismanagement in indian banks amid tighter controls. With one bank caught in the loop closing in the next few hours, the bank management and the RBI have urged their customers to get their money back as soon as possible.Rupee Cooperative Bank:
 The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india announced in august that it had revoked the license of Pune-based Rupee Cooperative Bank. According to this notification, RBI has directed Rupee Cooperative bank to cease its operations from september 22, 2022. In a statement issued by the RBI, the bank's license has been revoked as it does not have "adequate capital and revenue prospects". Saraswat bank rejected the merger after Rupee Co-operative bank refunded over 64,000 people their deposits amounting to a total of ₹700 crores after the RBI's planned merger with Saraswat bank received in-principle approval.
Saraswat bank has denied that the main reason for the failure of the merger with Rupee Co-operative bank and Saraswat bank was the loss of Rs 700 crore in deposit funds and low trading profits. Also, depositors in Rupee Co-operative bank have insured up to Rs 5 lakh. Upon liquidation of Rupee Cooperative bank, existing depositors will be able to avail of up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation.
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bank is closing

Sowmiya Sriram

21/09/2022 03:01 PM