The Reserve Bank of India (RBI) has cancelled the license of Rupee Co-operative Bank. RBI has taken this action as this co-operative bank does not have sufficient capital, no possibility of income, and has also violated rules.
Rupee Co-operative Bank, based in Pune, will be closed from 22nd September.
This information is essential for you if you have a bank account. The operations of this bank will continue till 22nd September, after which it will close its operations.
After that, the customer will not be able to deposit money in this bank, nor will they be able to withdraw money from the bank.
The suspension of transactions will also take place. Meanwhile, the depositors who have deposits in the bank will get an amount up to Rs 5 lakh in proportion to the bad deposits.