RBI has killed these two banks, know what will happen to customers’ accounts and rupees now

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Reserve Bank is called Banker’s Bank. In India, only the Reserve Bank grants permission to start banks. And it can even close down banks by ignoring the rules. In a major decision today, the Reserve Bank of India has ordered closure of two cooperative banks in two states of the country. The Reserve Bank has canceled the licenses of these banks. Following the Reserve Bank’s decision, these banks will no longer be able to provide banking services to customers.

The Reserve Bank on Wednesday said that the bank licenses of two cooperative banks operating in Maharashtra and Karnataka have been cancelled. In two separate statements, the RBI said it has canceled the banking licenses of Buldhana-based Malkapur Urban Co-operative Bank Ltd and Bengaluru-based Sushruti Sauharda Co-operative Bank Regular. According to the statement, after the close of business on Wednesday, these two co-operative banks will not be able to do any kind of banking related work. The central bank has taken this step considering the lack of sufficient capital and revenue potential of these co-operative banks.

The Reserve Bank has in the last month issued strict orders regarding negligence in the functioning of the banks. The Reserve Bank of India (RBI) had imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank in June for non-compliance with directives. Bank of Maharashtra has also been fined Rs 1.45 crore for not complying with certain directions issued by the RBI. In another statement, the central bank said a penalty of Rs 30 lakh has been imposed on Axis Bank. It said the bank levied penalties on some accounts for late payment of credit card balances, even though customers had paid the dues by other means by the due date. The RBI said the penalty is based on lapses in regulatory compliance.

Other banks have suffered huge losses due to the RBI’s disregard for regulations. The Reserve Bank of India (RBI) has fined Bihar State Co-operative Bank Limited, Patna Rs. 60.20 lakh has been fined. Let it be said that RBI has made strict rules regarding the day-to-day operations of banks and the Reserve Bank periodically reviews the operations of private, government and cooperative banks in the country. Meanwhile, a case of violation of rules has come up on behalf of Bihar State Cooperative Bank Limited of Patna.

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