Many times in the country, banks are closed forever due to various reasons including economic. Due to the closure of the bank, the account holders who have money in that bank have to face the most problems. But the question is whether due to closure of any bank, the common man or the government suffers the most loss.
Why are banks closed
Now the question is this. Why are banks closed? Let us tell you that all the banks have one main bank, which we know by the name of Reserve Bank of India. Reserve Bank of India issues licenses to all the banks. But many times, in view of the financial crisis of the banks, the Reserve Bank of India cancels the license of that bank and orders the closure of the bank.
Who suffers the most due to the closure of the bank? Disadvantages?
Let us tell you that due to closure of a bank, the biggest loss occurs to the customers of that bank. Because the money deposited in the accounts of bank customers gets stuck. Due to which customers start getting very worried. There is no loss due to closure of government banks. The only loss for the government is that if a large number of people have accounts in that bank, then the people expect the government to get the money back. Not only this, there is also a danger of the fall of the state government.
How to get the deposited money back
Under the DICGC Act, only Rs 5 lakh can be returned to the bank depositors. Can meet. That is, if a bank is closed forever, then up to Rs 5 lakh of any customer present in it remains safe. Under Section 16 (1) of the DICGC Act, 1961, if a bank is closed for any reason, then DICGC is responsible for returning the money to every depositor. Depositors also get insurance up to Rs 5 lakh on their deposits. According to the rules, after the bank is closed, it is necessary for you to immediately contact your bank branch. Whereas if the deposit amount is more than Rs 5 lakh, then you have to participate in the liquidation process.
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