RBI Actions on Baghat Urban Co-Operative Bank: Taking regulatory action, the Reserve Bank of India (RBI) has imposed strict restrictions on The Baghat Urban Co-operative Bank Limited, based in Solan, Himachal Pradesh. According to the instructions of the Central Bank, now this bank will neither be able to accept any new deposits nor will be able to issue new loans. Along with this, payment of bank liabilities has also been banned.

What are the instructions of RBI?

RBI said that without prior written permission the bank cannot give any new loan, accept new deposits nor fulfill its financial obligations. This step has been taken after serious financial irregularities came to light during the recent inspection.

According to the report of news agency PTI, considering the current cash position of the bank, RBI has set the withdrawal limit of customers at Rs 10,000. However, RBI has given the relaxation that the bank can use the amount present in the customers’ accounts to adjust their outstanding loans.

What will happen to insurance coverage?

RBI also clarified that the bank’s depositors have insurance protection under the Deposit Insurance and Credit Guarantee Corporation (DICGC). According to this provision, each depositor will get an insured amount up to a maximum of ₹ 5 lakh, which will be decided as per the status and rights of his account.

The central bank also clarified that these restrictions do not amount to canceling the bank’s license. The bank will be able to continue its operations with limited conditions. This step of RBI has been taken with the aim of stabilizing the financial condition of the bank and protecting the interests of depositors.

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There is a school in India which people call the school of the rich, it is also called ‘Enton of the East’. Mayo College, built in Ajmer, Rajasthan, is one of the oldest and magnificent boarding schools in the country, let’s know about it.

Mayo College started in 1875, in fact, the plan to establish it was made in 1869 when Lieutenant Colonel F.K.M. Walter proposed a school where children of kings and rich can study. In 1870, the then Viceroy Lord Mayo planned the ‘Rajkumar College’, the main building of the school was completed by spending Rs 3.28 lakh in 1885.

The first student of this school was Rajkumar Mangal Singh, the son of the Maharaja of Alwar, it is said that he came to school with 300 servants in a palanquin, at that time the principal of the school was Sir Oliver St. John. Mahendra Singh Mewar (descendant and former MP of Maharana Pratap) also studied here. Even today, children of businessmen, diplomats and rich families come here to study.

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How is admission?

Admission is available in only 7th, 9th and 11th classes. In September, an Aptitude Test is done in offline mode. Pass students are called for interview with their parents. This process runs from November to January. Currently, more than 850 students study here.

How much is the fee

Talking about the fee, Mayo College’s annual Mayo College fees are much higher, according to the official website, the annual fee is Rs 1053000, the cotation fee is Rs 526500, the admission fee is Rs 250000, the IT fee of Rs 250000, IT fee 42000 rupees, the import money 80000 rupees, the uniform Rs 80000, the uniform 25000, the registration 25,000 and the prospectus and the prospectus and the available pepper pepper. The school campus is spread over 76 hectares which includes magnificent marble buildings, 9 hole golf courses, swimming pools and 60 horses stables.

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