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Another bank in crisis: RBI stops customers from withdrawing money; what are your rights as depositors if your bank fails?

What happens to your money if a bank fails in India? The Reserve Bank of India (RBI) has imposed restrictions on Shirpur Merchants Co-operative Bank amid its worsening financial health. The most significant restriction? A freeze on customer withdrawals. The RBI has previously imposed similar curbs on troubled lenders like PMC Bank. But what recourse do depositors have when their bank hits a rough patch? And what should customers of Shirpur Merchants Co-operative Bank do now? ET Wealth Online answers these critical questions.

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Customers of this bank cannot withdraw money from their accounts after RBI direction - What should depositors do now? - Money News

Customers of this bank cannot withdraw money from their accounts after RBI direction - What should depositors do now? - Money News
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RBI fines four UCBs; imposes directive on Shirpur Merchants Co-op Bank

The Reserve Bank of India imposed monetary penalties on four urban cooperative banks and issued a fresh

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RBI imposes curbs on Shirpur Cooperative Bank

The Reserve Bank of India (RBI) on Monday imposed several restrictions on Maharashtra-based Shirpur Merchants Co-operative Bank, including withdrawal of funds by customers, in the wake of the lender s deteriorating financial position. In a statement, the RBI said from the close of business on

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NMIMS Hosts ERASMUS International Conference on Open Science - Sparks Dialogue on the Adoption of Open Science

(This story has not been edited by THE WEEK and is auto-generated from a PTI

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