RBI Rule: If a bank sinks or closes, you will get this much money back, customers should know the rules..

RBI Rule: From the list of bank holidays to every rule related to the account, everything is made by the Reserve Bank of India. Whenever someone violates the banking rules, action is taken against that bank by the Reserve Bank of India.

Sometimes if the matter is too strict, then RBI also cancels the license of that bank. In such a situation, do you know how much money will you get back if the license of the bank in which your money is deposited is canceled? Let us know in the news about this rule related to the bank account in detail.

You can claim this much amount.

The money deposited by the account holder in a bank is insured. However, this insurance covers a maximum amount of up to Rs 5 lakh, that is, no matter how much money is deposited in your bank account, you can claim insurance of only up to Rs 5 lakh.

Let us tell you, for the safety of depositors in case of failure of the bank, there is a unit named Deposit Insurance and Credit Guarantee Corporation i.e. DICGC which insures bank deposits.

DICGC is a subsidiary of the Reserve Bank of India. DICGC insures deposits such as savings, fixed, current, recurring, etc.

According to RBI, DICGC insures principal and interest up to a maximum of Rs 5 lakh. For example, if the principal in a person's account is Rs 4,95,000 and the interest earned is Rs 4,000, then the total amount insured by DICGC will be Rs 4,99,000.

Customers of banned banks should know.

If a bank goes into liquidation (RBI Rule), then DICGC is liable to pay the claim amount of each depositor up to Rs 5 lakh to the liquidator within two months from the date of receipt of the claim list from the liquidator.

The liquidator has to distribute the claim amount to each insured depositor according to their claim amount.

In case of a ban on the bank (RBI Rule), the liquidator prepares a claim list according to the depositors and sends it to DICGC for scrutiny and payment. DICGC pays the money to the liquidator who is liable to pay the depositors.

Case of New India Co-operative Bank

RBI has dissolved the Board of Directors of New India Co-operative Bank Limited for 12 months. The Reserve Bank of India has appointed former Chief General Manager of SBI Srikant as the administrator of the bank during this period.

RBI has also constituted a committee of advisors to assist the management. That is, the customer of New India Co-operative Bank will now have to claim insurance up to a maximum of Rs 5 lakh to DICGC.

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