DICGC, a wholly owned subsidiary of RBI, offers insurance cover up to Rs 5 lakh Bank deposits,
Of the 17 co-operative banks, eight are in Maharashtra, four in Uttar Pradesh, two in Karnataka and one each in New Delhi, Andhra Pradesh and West Bengal.
The co-operative banks of Maharashtra are: Sahebrao Deshmukh Co-operative Bank, Sangli Co-Operative Bank, Raigarh Co-Operative Bank, Nashik Zilla Girna Sahakari BankSaibaba Janata Sahakari Bank, Anjangaon Surji Nagri Sahakari Bank, Jaiprakash Narayan Nagri Sahakari Bank and The Karmala Urban Co-op Bank.
According to the DICGC, the banks in Uttar Pradesh whose eligible depositors will be paid in October are: Lucknow Urban Co-operative Bank, Urban Co-operative Bank (Sitapur), National Urban Co-op Bank (Bahrich), and United India Company – Op Bank (Nagina).
The banks in Karnataka are: Sri Mallikarjuna Pattana Sahakari Bank Niyamita (Masky) and Shree Sharda Mahila Sahakari Bank (Tumkur).
Eligible depositors of Ramgarhia Co-operative Bank (New Delhi), Suri Friends Union Co-op Bank (Birbhum, Suri, West Bengal) and Durga Co-op Urban Bank (Vijayawada, Andhra Pradesh) will also be paid by DICGC. october.
The DICGC said that eligible depositors should support their claims with valid documents of identity/identity and written consent to receive deposits in their deposit accounts up to a maximum of Rs 5 lakh along with alternate bank account details. be together The amount will be deposited.
It states that the payment shall be made to the depositors by credit in the alternate bank account specified by the depositors or on their consent to their Aadhaar linked bank account.
The deposit insurance extended by DICGC covers all commercial banks, including local area banks and regional rural banks as well as co-operative banks in all states and union territories.
The institution is providing insurance cover to the depositors with the objective of maintaining the confidence of small depositors in the banking system of the country and promoting financial stability.
The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, passed by the Parliament in 2021, brought about significant changes in the landscape of deposit insurance in India.
The corporation is liable to pay the insured deposits to the depositors of the insured bank. Such liability may arise when an insured bank undergoes liquidation, reconstruction or any other arrangement under a scheme, and is merged or acquired by another bank.