RBI closed another bank, people cannot even withdraw the deposited money from today. trapped capital of millions

RBI has canceled the license of this bank from October 10, 2022, due to which this bank will not be able to do banking business from today. RBI says that this bank does not have enough capital and earning potential.

RBI told this reason for canceling the license

According to RBI, this bank does not have sufficient capital and earning potential. Thus, it does not comply with the provisions of section 11(1) and section 22(3)(d) read with section 56 of the Banking Regulation Act, 1949. According to RBI, the bank shall comply with the requirements of section 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e). has failed. As a result, the continuance of the bank is prejudicial to the interests of its depositors. According to RBI “Sewa Vikas Sahakari Bank Ltd., Pune, Maharashtra has been asked to cease “Banking” business with immediate effect. This includes, among other things, accepting deposits and making payment of deposits.”

Know what will happen to depositors’ money now

RBI has issued a notification in this regard. According to this information, every depositor will be entitled to claim up to Rs 5 lakh from the Deposit Insurance and Credit Corporation. This money will be subject to the provisions of the DICGC Act, 1961. On the other hand, the depositors who will deposit more than Rs 5 lakh, they will get Rs 5 lakh and more money will be sunk. In this Rs 5 lakh, both the principal and interest will be added.