PERSONAL FINANCE
The RBI said that depositors should not feel worried as 99.89 per cent of the depositors are fully covered by DICGC insurance scheme.
In a significant development, the Reserve Bank of India (RBI) has put restrictions on withdrawals from Nashik-based Independence Co-operative Bank Limited. The RBI has taken the decision because of the present liquidity position of Independence Co-operative Bank Limited.
The RBI, however, said in a statement that depositors should not feel worried as 99.89 per cent of the depositors are fully covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme.
It is to be noted that as per the insurance scheme, every depositor in a bank is entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from the DICGC. The RBI said that the restrictions on Independence Co-operative Bank Limited will remain in force for a period of six months.
"Considering the bank's present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to…conditions…," the central bank said.
Besides this, the RBI has also put some other restrictions on Independence Co-operative Bank Limited from the close of business on Wednesday.
As per the restrictions imposed by the RBI, the CEO of the of the bank will not be authorised to grant or renew any loans and advances, make any investment, incur any liability, and disburse any payment, among others without the prior approval of the RBI.
The RBI statement noted that the issue of the directions to Independence Co-operative Bank Limited does not mean that the license of the bank has been cancelled. The RBI added that the lender will continue to undertake banking business with restrictions and the modifications of the directions may be considered by the central bank in the near future depending upon circumstances.
Sustainability Takes Center Stage in US Manufacturing with Leader Viralsinh Solanki at the Forefront
How to Crack the CTET Exam in 1st Attempt?
'Trump visits India': Man perfectly mimics Donald Trump's 'love' for India, watch viral video
Manipur: 11 suspected militants killed in gunfight with security forces in Jiribam
Ram Gopal Varma booked for offensive posts against Andhra Pradesh Chief Minister Chandrababu Naidu
Will MrBeast make a video with Virat Kohli? World's biggest YouTuber drops massive hint
This cricketer once walked out to bat with an aluminium bat against England, refused to...
Bigg Boss 18: Rajat Dalal shuts down Vivian Dsena, says 'tera naukar thodi hoon'
Meet actor who cheated on wife with multiple women, got divorced, remarried same woman but...
Aryan to Anaya: Ex-Indian cricketer, coach's son undergoes sex change surgery
Shillong Teer Result OUT for November 11, 2024: First and second round Monday lottery results here
How US Vice President-elect JD Vance found love in Indian-origin Usha Chilukuri, know their story
Maruti Suzuki launches new Dzire: Check price, features of Tata Tiago, Honda Amaze rival
Sebi’s Rs 25 crore penalty plea against Mukesh Ambani dismissed by SC in THIS case
Big blow to former JD(S) MP Prajwal Revanna as SC denies bail in rape case
6,6,6,6,6,4,4,4,4,4: Shubman Gill's MASSIVE 268 runs in Ranji against...
Berjis Desai’s crime thriller “Murder at the Racecourse” keeps you on the edge
'We went totally wrong...': Rohit Shetty opens up on casting Arjun Kapoor in Singham Again
Shah Rukh Khan's Marjaani gets BTS makeover, watch Jungkook, V, Suga's viral dance
'India's finest': Netizens pour in emotional tributes as Vistara readies for last flight today
Vistara to make last flight today before Air India merger, all you need to know
Zomato CEO Deepinder Goyal offers job to X user who suggested THIS BIG change
What is Mukesh Ambani, Nita Ambani's son Anant Ambani's annual salary? Know all about his net worth
Veteran actor Delhi Ganesh cremated with Air Force honours, here's why
'We got the...': Germany grooves to Marathi song Taambdi Chamdi, netizens go berserk; WATCH
Kamal Hassan asks fans to not call him 'Ulaganayagan', says 'this decision comes from....'
'I fell and it went...': Vijay Deverakonda REACTS after video of him falling down stairs goes viral
BIG update on Rohit Sharma's participation in 1st Test against Australia, he is all set to…
Justice Sanjiv Khanna takes oath as 51st Chief Justice of India
Ajay Devgn spills the beans on his 14-year-old son Yug's love life, says 'he is not afraid....'
11/11: Why November 11 is a good day for manifestation? Know how, when you can manifest today
Onion prices rise to Rs 80 per kg: Check rates in Delhi-NCR, Mumbai, Chennai
Guru Purab Bank Holiday November 15: Are banks open or closed on Guru Nanak Jayanti?
Meet Indian genius, world's youngest female Chartered Accountant who secured AIR 1, she is from...
Delhi continues to choke amid rising air pollution, AQI breaches 350...
Avatar 3: New posters of James Cameron's film feature fire tribe, stunning visuals go viral
This country lets male tourists marry women for a few days due to....
Maharashtra polls: Congress suspends seven more rebel candidates
Meet man who quit high-paying job in US, then built Rs 150 crore company in India, his business is…
Viral video: Little girl wins heart with adorable dance to 'aayi nai' song, watch
Queen Elizabeth's 1947 wedding cake slice sold in auction at this SHOCKING price
Viral video: Woman's sizzling dance to 'tere liye' leaves internet drooling, watch
Meet man who leads Rs 185985 crore company as CEO, son of Indian billionaire, he is...
'We don't encourage...': Zomato CEO Deepinder Goyal launches new feature 'Food Rescue' to reduce...
Before Pakistani TikTok star Minahil Malik, actress Rida Isfahani's MMS video leaked online by...
Watch: Virat Kohli gets annoyed at Mumbai airport, asks paps to stay away from…
Watch: David Miller's spectacular one-handed catch shocks Tilak Varma in IND vs SA 2nd T20I
Do you see 11:11? What's the secret behind this number?
'Najar Na Lage': Sidhu Moosewala’s parents perform annaprashan ceremony for chota Sidhu, watch
Baba Siddique murder case: Main shooter, 4 others arrested in UP