Big action by RBI on this Bank

The Reserve Bank of India (RBI) keeps track of the performance of banks. Recently, the RBI took action against Maharashtra's Shirpur Merchants Cooperative Bank and banned the bank's withdrawal services on Monday.

The Central Bank has taken this step considering the financial condition of the bank. After this RBI order, customers are not allowed to withdraw money from any current account or saving account in the bank. However, customers are getting permission to deposit the loan amount from the account.

The Reserve Bank said this

Giving information about the action taken against the Shirpur Merchants Cooperative Bank of Maharashtra, the Reserve Bank said that now the bank is not allowed to give any type of new loan. With this, the bank will not be able to make any kind of investment at present. Also, at present the bank cannot sell or transfer any of its assets without the permission of the RBI. The ban on bank withdrawals will be in effect from April 8, 2024 for the next six months.

How much will consumers be affected?

Customers who have deposited money in Shirpur Merchants Cooperative Bank under Insurance and Credit Guarantee Corporation (DICGC) Rs. Can claim up to 5 lakhs. In such a situation, customers who have up to 5 lakh rupees in their account can get their full money. Informing about the ban imposed on the bank, the Reserve Bank has said that this step should not be considered as cancellation of license and the Reserve Bank has taken this action to improve the financial condition of the bank.

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