If your money is deposited in these 17 Co-operative Banks then there is good news for you. The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay eligible depositors of 17 co-operative banks, including 8 in Maharashtra, in October. In view of the deteriorating financial condition of these 17 banks, the Reserve Bank of India (RBI) had imposed several restrictions including withdrawals by depositors in July.
What is DICGC Act?
Explain that DICGC is a wholly owned subsidiary company of RBI, which provides insurance cover up to Rs 5 lakh on bank deposits. The government started the rule of DICGC so that the small customers of the banks have faith in the banking system and they deposit money in the account with full security guarantee. Deposit insurance introduced by DICGC covers all commercial banks, including local area banks and regional rural banks as well as co-operative banks of all states and union territories.
Claim with valid documents-
DICGC said that eligible depositors will have to support their claims by valid documents of identity. Out of these 17 cooperative banks, 8 are located in Maharashtra, 4 in Uttar Pradesh, 2 in Karnataka and 1 each in New Delhi, Andhra Pradesh and West Bengal.
Depositors of these banks will get stuck money –
in Maharashtra’s corporate banks – Sahebrao Deshmukh Co-operative Bank, Sangli Sahakari Bank, Raigad Sahakari Bank, Nashik District Girna Sahakari Bank (Nashik Zilla Girna Sahakari Bank), Saibaba Janata Sahakari Bank (Saibaba Janata Sahakari Bank), Anjangaon Surji Nagari Sahakari Bank, Jaiprakash Narayan Nagari Sahakari Bank and Karmala Urban Co-operative Bank.
According to DICGC, the eligible depositors of Uttar Pradesh-based Lucknow Urban Co-operative Bank, Urban Co-operative Bank (Sitapur), National Urban Co-operative Bank (Bahraich) and United India Company Co-operative Bank (Nagina) will be paid soon Will go.
Karnataka Sri Mallikarjuna Pattana Sahakari Bank Regularita (Muski) and Sri Sharda Mahila Sahakari Bank (Tumkur) are also included in this list.
Eligible depositors of Ramgarhia Co-operative Bank in New Delhi, Suri Friends Union Co-operative Bank in Suri, Birbhum, West Bengal and Durga Co-operative Urban Bank in Vijayawada, Andhra Pradesh will soon be paid by DICGC.
