RBI has taken a big action against New India Co-operative Bank. Under this, RBI has banned the business activities of the bank. Under this, the bank will neither be able to give any new loan nor take any deposit.
RBI Action: RBI has taken a big action against New India Co-operative Bank. Under this, RBI has banned the business activities of the bank. Under this, the bank will neither be able to give any new loan nor take any deposit. Even taking any new investment and paying liabilities has been banned.
Due to this, people who have accounts in the Reserve Bank of India may face problems. RBI has also banned the withdrawal of money by depositors. Now depositors will get deposit insurance cover of up to Rs 5 lakh. That is, if people lose money, then up to Rs 5 lakh of the account holders will be covered under insurance.
A big question here also arises that why such a big action has been taken against the bank. At present, not much information has come from RBI regarding this. RBI’s restrictions will remain in force until the condition of the bank improves.
