Business

DICGC to pay depositors of 21 co-op banks

In a positive development for lakhs of depositors of 21 urban cooperative banks, including the scam-hit PMC Bank, the Deposit Insurance and Credit Guarantee Corporation (DICGC) has announced it would pay them up to ₹5 lakh within 90 days. The RBI had placed the banks under its all-inclusive directions, which included restrictions on withdrawal of deposits.

The banks have been directed to submit the claims within 45 days after obtaining willingness of the depositors, the DICGC said.

The verification and settlement of the claims on submission by the banks would be done within the next 45 days by DICGC and the banks had been asked to submit a claim list by October 15, 2021 and update the position as on November 29, 2021 (with principal and interest), in a second list.

“Unpaid amount of deposits up to the eligible amount will be paid by December 29, 2021,” the DICGC said in a statement.

Only those depositors who give willingness (as per format) to the insured bank will be paid.

This depositors have been advised to contact their banks and submit the declaration of willingness on the claim by October 15,2021.

The banks include Adoor Co-operative Urban Bank, Bidar Mahila Urban Co-op. Bank Ltd, City Co-operative Bank, Hindu Co-op. Bank, Pathankot Kapol Co-operative Bank, Maratha Sahakari Bank (Mumbai), Millath Co-operative Bank Ltd, Needs Of Life Co-operative Bank, Padmashree Dr. Vithal Rao Vikhe Patil People’s Co-operative Bank ( Kanpur), Punjab & Maharashtra Co-Op. Bank, Rupee Co-operative Bank, Shri Anand Coop. Bank ( Pune), Sikar Urban Co-op. Bank, Sri Gururaghvendra Sahakara Bank (Niyamitha), The Mudhol Co-operative Bank Ltd, Mantha Urban Cooperative Bank, Sarjeraodada Naik Shirala Sahakari Bank, Independence Cooperative Bank (Nashik), Deccan Urban Co-Operative Bank, and Vijayapur Garha Co-operative Bank Ltd.,(Guna).


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Printable version | Oct 29, 2021 3:42:35 AM | https://www.thehindu.com/business/dicgc-to-pay-depositors-of-21-co-op-banks/article36619712.ece

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