RBI’s Restrictions on Independence Co-operative Bank Limited, Nashik

Current Context: The Reserve Bank of India (RBI) has imposed restrictions on withdrawals from Independence Co-operative Bank Limited, Nashik.

The restrictions are imposed because of the lender's present liquidity position.
The restrictions will remain in power for a six months period, with an effect from 10th Feb 2021.
The bank is restricted from: To grant a loan or to renew the loan, make an investment, disburse of payment, signing agreements, acceptance of fresh deposits and incur any liability.
No amount from the total balance across all savings or current accounts or any other account of a depositor is allowed to be withdrawn.
Also, RBI announced that the Customer Interest is protected.
The 99.89% of the depositors are fully covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme. So as per this scheme, a depositor in a bank can receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from the DICGC.
Static Part: