Important news for the account holders of these banks
The licenses of Maharashtra-based Shankar Rao Pujari New Co-operative Bank and Harihareshwar Cooperative Bank were revoked after the closure. In view of the deteriorating condition of the bank, the RBI had revoked the bank’s license but customers whose money was stuck in the bank will now get their deposits. In fact, you get insurance on a bank deposit from the RBI’s DGCA. The maximum insurance cover is Rs 5 lakh. Due to this insurance cover, the account holders get a minimum of Rs. 5 lakhs on their deposit under the insurance cover in case of bank sinking or revocation of license or bankruptcy in any case.
Rs 5 lakh will be deposited in the account
Let me tell you that DGCA is a subsidiary of RBI, which provides insurance cover up to Rs 5 lakh on bank deposits. That is, if the bank goes bankrupt or goes bankrupt, you are paid up to Rs 5 lakh under this insurance cover. Now under this rule, Shankar Rao Pujari New Co-operative Bank and Harihareshwar Cooperative Bank will deposit Rs 5 lakh in the account of the customers who come under this cover. The DGCA said that the insurance cover would be remitted to the customers of Shankar Rao Pujari New Co-operative Bank by August 10 and to the customers of Harihareshwar Cooperative Bank by August 28. Customers will have to provide their bank account details along with the Aadhaar associated with DGCA.
Why banks closed
The licenses of both the banks were revoked in May 2022. As per the rules of the Reserve Bank, the financial position of both the co-operative banks was very critical, which was not conducive to the security of the account holders. After which both the banks were closed. Shankar Rao Pujari New Co-operative Bank’s 99.84 per cent customers come under DGCA, while Harihareshwar Cooperative Bank’s 99.59 per cent customers fall under this category. Now under the insurance cover of these customers, an amount of Rs. 5 lakh will be credited to the account.