New Delhi, Taking a major decision, the Reserve Bank of India (RBI) has ordered the closure of two co-operative banks in two states of the country. Giving this information on Wednesday, the Central Bank said that the licenses of two co-operative banks operating in Maharashtra and Karnataka have been cancelled. After the decision of RBI, now these banks will not be able to provide banking services to the customers from Thursday (July 6).

In two separate statements, the Reserve Bank said it has canceled the banking licenses of Buldhana-based Malkapur Urban Co-operative Bank Ltd and Bengaluru-based Sushruti Souharda Sahakara Bank Niyamita. . According to the statement, after the close of business on Wednesday, these two co-operative banks will not be able to do any kind of bank related work. The central bank has taken this step considering the lack of adequate capital and income potential with these co-operative banks.

Is it safe to keep money in co-operative banks?

Now the question arises whether it is safe to keep money in co-operative banks? Explain that in case of bank sinking or bankruptcy, the only relief the depositor has is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation ie DICGC. Now insurance cover under DICGC is available up to Rs 5 lakh. DICGC cover is available for all banks. However, they have to register for this facility and pay the insurance premium.

DICGC insurance cover is available on these accounts

The insurance cover offered by DICGC works on deposits like savings accounts, FDs, current accounts, RDs. DICGC's Deposit Insurance covers all insured commercial banks including LAB, PB, SFB, RRB and Co-operative banks. If your money is deposited in a bank, you can check whether it is registered for deposit insurance or not by clicking on the link given below…