New India Co-operative Bank Banned by RBI

[praful47]

Withdrawal allowed upto 25k to all the depositors

 

[Aniket]

Withdrawal allowed upto 25k to all the depositors

5 lac (insured amount) tak ka batein (rumours) chal raha tha 🤣

25 k finalise kiya, lol 🤣

 

[praful47]

5 lac (insured amount) tak ka batein (rumours) chal raha tha 🤣

25 k finalise kiya, lol 🤣

Kuch relief milega logo ko ... 5lakh insured h to ek baari me paisa ni milega na .

 

[Aniket]

Kuch relief milega logo ko ... 5lakh insured h to ek baari me paisa ni milega na .

Haan, something is better than nothing.

Nahi rumours chal tha Indian express wagerah cover kiya tha, if i am able to recall properly 🤣

 

[dvader]

5 lac (insured amount) tak ka batein (rumours) chal raha tha 🤣

25 k finalise kiya, lol 🤣

That's when the bank is completely under like PMC (where people got 5L within 90 days per the policy). Here the RBI acted faster and given that they allowed withdrawal within 1-2 weeks of RBI takeover, it means that they have identified the missing money and things are under their control. Here is how they worked on this

1. They either already knew about the bank running a scam or someone inside running a scam or got a tip or acted purely on accounting anomalies whatever it may be. They knew that money was being stolen.
2. they must have known the minimum amount being siphoned away but just to be safe they accounted for other systemic failures.
3. They raid the bank and take over the bank.
4. After all the investigation, only 122Cr seems lost and some, if not most of it, could still be recoverable.
5. They planned for the worst and got the situation under control and allowed withdrawal of up to 25000.

So it's good that the bank is not under and within 2-3 months it should be back to normal operations.

5L when the bank goes bankrupt. The 5L is not an issue at all. It's the money above 5L that takes 10-15 years to recover (that too if RBI allows it).