The Reserve Bank of India has imposed a ban on New-India Co-operative Bank. People who have an account in this bank are getting worried. Some have lakhs of rupees stuck, while some are not able to withdraw pension for years. In such a situation, people are standing in long queues in front of the bank branches. On the other hand, RBI has said that there will be no transactions from the bank for the next 6 months. Let us tell you how much money you can withdraw from the bank in such a situation.
If we talk about New India Co-operative Bank, then the bank has issued a number 9769008501 given the increasing crowd at the branches. Customers can get all the information from the bank through this number and apart from this, the bank has kept the locker system running. The account holders can withdraw the money deposited in the locker. But let us tell you what are the rules of RBI in such a situation.
A Deposit Insurance and Credit Guarantee Corporation has been formed by RBI, which helps the bank and its customers in such a situation. DICGC decides how much money will be available after the bank closes.
What is DICGC
DICGC means Deposit Insurance and Credit Guarantee Corporation in Hindi. This corporation was established by the Reserve Bank of India in the year 1978. This corporation provides insurance coverage to the people who deposit money in the bank. Whenever a bank goes bankrupt or closes, people get money under this. That money is for insurance. Customers do not get money directly when a bank closes or goes bankrupt. This insurance covers up to Rs 5 lakh for every depositor. This limit applies regardless of the type of deposit.
How much money is received
If a bank suddenly goes bankrupt, then the customers get their money in that bank only under DICGC. According to DICGC, customers get a maximum of Rs 5 lakh when a bank closes. This means that even if a person deposits more than Rs 5 lakh in a bank, he will still get only Rs 5 lakh. Apart from this, if someone deposits less than Rs 5 lakh, he will get only that much money.
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