00:00Reserve Bank of India has taken a big decision and carried out a big operation on a bank in Andhra Pradesh.
00:09RBI has cancelled the license of Durga Co-operative Urban Bank in Vijayawada.
00:14With this action of RBI, Urban Co-operative Bank will have to stop its work.
00:19But what will happen to the account holders of the bank if the license is cancelled?
00:24And what is the reason behind the cancellation of the license?
00:27We will tell you all about it in this video.
00:30RBI has cancelled the license of Durga Co-operative Urban Bank in Vijayawada.
00:35RBI has cancelled the license of the bank as there is not much capital and earning potential.
00:40Reserve Bank had said that it will stop the banking business before the market closes on 12th November 2024.
00:48Co-operative Commissioner of Andhra Pradesh and Registrar of Co-operative Society of Andhra Pradesh
00:53have been ordered to close the bank and appoint a liquidator.
00:58RBI has said that 95.8% depositors from DICGC have the right to get their entire deposit amount from the bank.
01:09DICGC has made a payment of Rs. 9.84 crore from the total insured deposits till 31st August 2024.
01:17RBI has also cancelled the license of The City Co-operative Bank Maharashtra in this month of June.
01:24After the order of cancellation of RBI, the bank is not able to accept the deposit or give a loan to anyone.
01:31In this situation, the biggest question arises that when RBI cancels the license of a bank,
01:36what happens to the account holders of that bank?
01:39What happens to the amount deposited in their account?
01:41Do they get that amount back or not?
01:44I will tell you the answer to all these questions.
01:46Actually, the effect of any bank's closure on its account holders depends on the amount deposited in their account.
01:53Depositor Insurance and Credit Guarantee Corporation deposits up to Rs. 5 lakhs in the account of the depositors.
02:01But more than this, the amount holders are bound to face losses.
02:05DICGC insures all the bank's deposit accounts.
02:10In this situation, whenever RBI cancels the license of any bank,
02:14the bank account of the account holders can be affected.
02:21But it depends on the amount deposited in that account.
02:25So, what is your opinion on this news?
02:27Give us your opinion in the comment box.
02:29And keep watching GoodReturns for such updates.
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