Depositors of 17 Cooperative Banks To Receive up to Rs5 Lakh from 29th November
Moneylife Digital Team 29 November 2021
Depositors of 17 cooperative banks placed under the all-inclusive directions (AID) will receive up to Rs5 lakh from the deposit insurance & credit guarantee corporation (DICGC) from 29 November 2021 onwards. On 1 September 2021, the Union government had notified the provisions of the DICGC Act and the mandated 90 days from the notified date comes to an end on 29 November 2021.
In a notification, the corporation says, “DICGC will, on receipt of the claim, discharge its liability on 29 November 2021 through agency bank up to coverage amount in terms of section 18A of the DICGC act. Any delayed or updated submission by the bank, but before 29 November 2021, will be paid before 30 December 2021.”
The 17 banks, whose customers and depositors would receive up to Rs5 lakh from DICGC includes, Adoor Co-Operative Urban Bank Ltd (Adoor, Kerala), City Co-Operative Bank Ltd (Mumbai, Maharashtra), Deccan Urban Co-Operative Bank Ltd (Vijaypur, Karnataka), Garha Co-Operative Bank Ltd (Guna, MP), Independence Co-Op Bank Ltd (Nasik, Maharashtra), Kapol Co-Operative Bank Ltd (Mumbai, Maharashtra), Mantha Urban Co-Operative Bank Ltd (Jalna, Maharashtra), Maratha Sahakari Bank Ltd (Mumbai, Maharashtra), Millath Co-Operative Bank Ltd (Davangare, Karnataka), Padmashree Dr Vithal Rao Vikhe Patil Cooperative Bank Ltd (Nasik, Maharashtra), Peoples Co-Op Bank Ltd (Kanpur, UP), Rupee Co-Operative Bank Ltd (Pune, Maharashtra), Sarjeraodada Naik Shirala Sahakari Bank Ltd (Sangli, Maharashtra), Shri Anand Coop Bank Ltd (Pune, Maharashtra), Sikar Urban Co-Op Bank Ltd (Sikar, Rajasthan), Sri Gururaghvendra Sahakara Bank Niyamitha (Bengaluru, Karnataka) and The Mudhol Co-Operative Bank Ltd (Bagalkot, Karnataka).
10 months ago
What next? What about the depositors who have deposits of more than Rs.5 lacs

Replied to vydhya31 comment 10 months ago
You will get after 5-10 years without interest
10 months ago
It looks like Maharastra has mentored the criminals to loot people and also loot DICGC .

Instead of booking criminals the govt has made a clean way to the khullam kulla criminals of co operative banks.
Replied to vydhya31 comment 10 months ago
Yes, you are right. Pravin Darekar is out in Mumbai District Bank scam after khullam kulla looting people's money.
10 months ago
RBI is the prime watchdog for all banks in India, they can red flag well in advance, push for forensic audit in all doubtful cases. Their audit teams are not doing their job well enough. They allow things to reach such a pass when it is too late.
So they should make good all losses for bank failures, not merely Rs 5.0 lacs. Peoples confidence in banks is already shattered.
High time highest courts review collectively all such bank failures and fix the agency to make good all such losses.
Ex :- PMC bank fraud and failure was very much seen by RBI audit team 9 yrs back but they did nothing. ??
Wonder if the courts can allow this to go on forever.
Replied to bhatiapr comment 10 months ago
Cooperative banks were not under rbi alone. They had very limited powers . After PMC bank fiasco, the cooperative banks bought under rbi in September 2020.
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