RBI has canceled the banking license.. What is the status of the depositors..? | RBI cancels license of Pune-based Rupee Cooperative Bank

Rupe Cooperative Bank

After Rupe Co-operative Bank refunded over 64,000 people their deposits totaling ₹700 crore, Saraswat Bank rejected the merger. The main reason for this is the decline in trading profits due to the outflow of Rs 700 crore deposit funds.

Reserve Bank

Reserve Bank

RBI outlined in its order that rupee co-operative bank is against the interest of the depositors and the public and the bank cannot repay the depositors in full in its current financial position.

5 lakhs up to Rs

5 lakhs up to Rs

Depositors with licensed banks are insured up to Rs 5 lakh. The RBI said that upon the liquidation of Rupee Co-operative Bank, the existing depositors will be entitled to get a deposit insurance claim from the Deposit Insurance and Credit Guarantee Corporation.

For 99% of people

For 99% of people

More than 99% of the depositors are entitled to get the full amount of their deposits, the RBI order said. Almost 1% of depositors will lose deposits above ₹5 lakh.

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