Strict decisions of the Reserve Bank of India. Non-compliance with the rules will be punishable.For the last few days, RBI has been investigating banks, NVFCs and Fintech companies across the country and imposing fines on those who do not follow the rules.
At this time, RBI has taken strict action against another bank. RBI has directed to close Purvanchal Co-operative Bank of Ghazipur district of Uttar Pradesh. RBI has issued instructions to close the bank as the bank does not have sufficient funds to run the business.
On Monday, RBI directed the Registrars of Cooperative Societies of Uttar Pradesh to close Eastern Cooperative Bank.
As per RBI’s Jamma Bima (Deposit Insurance) rules, the maximum amount Rs. 5 lakhs can be refunded from the account.
According to RBI information, 99.51 percent of account holders will get their money back. Apart from this, the license of Eastern Co-Oprative Bank has been canceled and apart from this the bank cannot deposit any money and the promotion of the bank has also been stopped.
