Question about the current situation of New India Bank controversy.

[Silentpanda7593]

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Silentpanda7593
PARTICIPANT
February 15, 2025 at 10:51 am

URGENT HELP
We have huge amount of deposits in this bank and RBI has imposed restrictions. According to RBI, only 5 lakhs amount can be returned. Whereas we have invested a lot of amount in which each FD doesn’t exceed more than 5 lakhs. Is there any way to recover the complete deposited amount ? Can we take any legal actions to recover the amount ? Feeling very stressed, might feel suicidal too. lot of savings invested.

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[Coolbro2018]

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Coolbro2018
PARTICIPANT
February 15, 2025 at 11:10 am

Per person 5 lakhs, be it a mix of savings, fd etc

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[User_53b7aed9]

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User_53b7aed9
PARTICIPANT
February 15, 2025 at 11:57 am

Each depositor in a bank is insured upto a maximum of5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Same right & same capacity – all types of accounts/deposits under a single person in particular bank.

Also why do many people invest heavily in cooperative banks and many are failing from the last decade?

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[Coolkishore46]

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Coolkishore46
PARTICIPANT
February 15, 2025 at 5:09 pm

Of course it is a very tough situation, but you will get back your money after six months since this is the time period they would need for restructuring the bank. You will just have to be patient. Think about so many poor & lower middle class / limited resources people who keep their small savings within the bank, which is not accessible for six months they will have a very bad time.

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