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HomeIndiaBank license revoked in Solapur, how much money will you get if...

Bank license revoked in Solapur, how much money will you get if your bank goes bankrupt? News WAALI

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Mumbai: Reserve Bank of India has canceled the license of Lakshmi Cooperative Bank in Solapur. This decision of the bank caused quite a stir. How much can account holders withdraw now? They have many questions about what will happen to their money. RBI has directed the account holders to refund up to Rs 5 lakh to them. Last year, the license of Karnala Nagari Cooperative Bank in Maharashtra was revoked. The bank currently does not have the required amount of money. Also, the license of this bank was canceled as it was not possible to pay the account holders. Now the question is what will happen to those who have accounts in Lakshmi Cooperative Bank.

Another bank in Maharashtra hit after Rs; Permanent cancellation of license by RBI

95 percent of depositors will get their entire deposits through the Deposit Insurance and Credit Guarantee Corporation (DICGC). If the bank fails, every depositor has the right to claim insurance on the deposit amount under the new rules. Its limit is up to five lakh rupees.

After bank closure, customers can claim sum insured up to Rs 5 lakh from DICGC. It was also said that the property of these defaulters will be seized and auctioned soon. It was also said that the depositors will get a refund of up to five lakh rupees.

Published by:Kranti Kanetkar

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First published:

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