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

Published on February 12, 2021
Current Context: The Reserve Bank of India (RBI) has imposed restrictions on withdrawals from Independence Co-operative Bank Limited, Nashik.
RBI’s Restrictions on 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from the total balance across all savings or current accounts or any other account of a depositor is allowed to be withdrawn.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: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das
    • HQ of DICGC: Mumbai
    • Chairman of DICGC: Michael Debabrata Patra
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