Reserve Bank of India (RBI) has revoked the license of one of the largest banks in the country. The leading bank, Central Bank of India, has also been fined heavily.

The biggest news in the banking sector has come out, the license of a big bank has been revoked by the RBI of course the Reserve Bank of India. Interestingly, as soon as the information about this comes to light, there is an atmosphere of fear among the account holders of the respective banks, what will happen to their deposits? Such anxiety is haunting. Meanwhile, strict steps are being taken by the Reserve Bank of India for the last few days and RBI has also imposed a penalty of 1.45 crores on the Central Bank of India. This penalty has been imposed for non-compliance of RBI guidelines.

License of 'Ya' bank revoked

In fact, RBI has taken many tough decisions in the last few months. Some banks have been penalized by RBI. The licenses of some banks have been revoked. Similarly, RBI has canceled the license of Purvanchal Cooperative Bank. RBI has taken this action against Purvanchal Cooperative Bank for not following the rules. So now this bank will no longer be able to do any banking transactions.

What will happen to depositors' deposits?

Meanwhile, the depositors of Purvanchal Cooperative Bank will get their deposits back up to Rs five lakh from DICGC. Due to this, it is said that almost 99.99 percent of the depositors of this bank will get their money back. Therefore, even if the license of the bank is revoked, it is said that it will not have much adverse effect on the depositors of the concerned bank.

Central Bank was also fined

While canceling the license of Purvanchal Cooperative Bank, RBI has also imposed a penalty of crores of rupees on Central Bank of India. According to available information, Central Bank of India has been fined Rs 1.45 crore by RBI. As a result, account holders of the Central Bank of India are also said to be somewhat apprehensive. However, this punitive action against the Central Bank of India will not have any adverse effect on the bank's customers.

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