Damodaran Committee: Overlooking problems
Insurance on deposits and prompt delivery of TDS certificates are two issues the committee has overlooked
Several cooperative banks are saddled with bad debt. These banks usually have a lot of political influence. Poor supervision and low accountability has led to a series of failures among cooperative banks and has caused huge losses to depositors.
Given the current state of some of these banks, more bank failures can be expected. As per the current law, bank deposits up to Rs1 lakh per depositor are insured. The job of insuring and paying out is entrusted to the Deposit Insurance...
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