RBI closed the bank
RBI licensed Laxmi Sahakari Bank, before this RBI took strict action on many co-operative banks, while on September 22, another bank closed its operations. The bank also imposed a fine of lakhs on many banks. RBI has directed Lakshmi Co-operative Bank to completely shut down its business from September 22. In view of the financial condition of the bank, RBI canceled its license. Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949 accused the bank of flouting the rules. After which the condition of the bank became so bad that if the bank was continued further, the customers would have suffered a big loss.
What to do account holder
After the cancellation of the license of the bank, the problems of the account holders have increased. Account holders are worried about their deposits. But according to the rules, account holders do not need to worry, because according to the rules of DICGC, customers whose money is deposited in Rupee Sahakari Bank Limited will get Rs 5 lakh. Account holders get insurance cover on deposits in the bank. Under the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme, bank account holders will get a sum insured of 5 lakhs. They will get the full insurance claim on the deposit of Rs 5 lakh of the account holder.
These three banks were fined
The Reserve Bank of India has imposed a fine on three co-operative banks. RBI has imposed a fine of Rs 1.50 lakh on Dr Ambedkar Nagrik Sahakari Bank, Rs 25,000 on Nagrik Sahakari Bank and Rs 1 lakh on Ravi Commercial Urban Co-operative Bank.