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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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