Deccan Urban Co-op Bank: 99.58% customers covered under deposit insurance, says RBI. What it means
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Since the IL&FS defaults, it can be noted that NBFCs and housing finance companies (HFCs) were facing a crisis of confidence, sending call money rates higher and overall liquidity tight.
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The central government earlier raised the deposit insurance cover to ₹5 lakh
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The Reserve Bank of India (RBI) on Friday imposed a ₹1,000 withdrawal cap on the customers of Karnataka-based Deccan Urban Co-operative Bank Ltd. Considering the bank s present liquidity position, a sum not exceeding ₹1000 only of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, RBI said in a release on Friday.