This bank, RBI, who is going to be closed, took a big decision; Is there not an account of you either?

Reserve Bank of India: The Reserve Bank of India has taken a big decision regarding a cooperative bank. The Reserve Bank said on Tuesday that the license of Jijamata Mahila Sahakari Bank of Satara, Maharashtra has been canceled. The reason for this is not enough capital and possibilities with the cooperative bank.

Trouble in forensic audit

Please tell that the banking license of Jijamata Women Cooperative Bank was earlier canceled through an order of 30 June 2016. Then the bank’s appeal was restored on 23 October 2019. In a statement, the RBI said that the Appellate Authority directed that the bank’s forensic audit should be done for the financial year 2013-14 to assess the financial situation of the bank. For this, the Reserve Bank had chosen an auditor, but this work of conducting audit could not be completed due to lack of adequate cooperation from the bank.

From which day will be closed?

Cancelling the license, the Reserve Bank said that according to the assessment in the meantime, the financial situation of the bank was deteriorating. Now with this decision of RBI, the bank has stopped its banking operations from October 7, 2025. Registrar of cooperative societies of Maharashtra has also been requested to issue an order to close the bank and appoint a liquidator for the bank.

The liquidator means the person or institution that is appointed during the process of closing a company so that its properties can be sold and the creditors can be paid and the remaining amount can be paid to the shareholders. Overall, the liquidator manages the assets of the company.

This facility will be given to customers

The Reserve Bank has stated that after the closure of the banking operation, the work like acceptance of deposits and reconstruction of deposits has also been banned with many other things. However, after the liquidation, each depositor can claim up to five lakh rupees on deposits from deposit insurance and loan guarantee corporation (DICGC). RBI said that by September 30, 2024, 94.41 percent of the total deposit was covered under DICGC insurance.

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