The customers of a total of 17 cooperative banks of the country will get a chance to breathe a sigh of relief next month. Due to the imposition of various financial restrictions by RBI, the money of the customers of these banks was stuck. Now DICGC will give insurance cover to these customers on their deposits.
The customers of a total of 17 cooperative banks in the country, including some banks in Maharashtra, will get a chance to breathe a sigh of relief next month. Due to the imposition of various financial restrictions by the Central Reserve Bank of India, the money of the customers of these banks was stuck. Now DICGC i.e. Deposit Insurance and Credit Guarantee Corporation will give insurance cover to these customers on their deposits. DICGC, a subsidiary of RBI, provides insurance cover of up to Rs 5 lakh on bank deposits in such circumstances. However, the condition is that insurance is available only on deposits up to Rs 5 lakh. Five lakh sum insured is the limit. According to the rule, the amount of insurance amount and the amount in the account, whichever is less, the same amount will be given to the depositor. At the same time, if the depositor has any outstanding with the bank, then the amount will also be seen after deducting it.
Of these 17 banks, eight are from Maharashtra alone. The rest are four from Uttar Pradesh, one from West Bengal, one from Andhra Pradesh, two from Karnataka and one from New Delhi. In view of the deteriorating financial condition of these 17 banks, RBI had imposed several restrictions including withdrawal of money from depositors in July.
When will you get the money
According to the last update of DICGC, the regulator will start providing insurance cover to the depositors of these banks from October 5. Money will be given to the depositors on October 15, 19, 25 and 26.
If you are also a victim of the restrictions imposed on these banks, then by visiting this link, you can check which bank’s customer can get the money-
https://www.dicgc.org.in/pdf/2022/PressRelease/PR_BilingualPressRelease_01Aug2022_Eng.pdf
Documents to be submitted by the depositors
As per DICGC norms, eligible depositors will have to submit valid proof of identity to get the cover, through which they will be able to prove their claim. The last date was also fixed for this.
What is DICGC Law?
Let us tell you that DICGC, a wholly owned subsidiary of RBI, provides insurance cover on bank deposits up to Rs 5 lakh. The government started the DICGC rule so that small customers of banks have confidence in the banking system and deposit money in the account with full security guarantee. The deposit insurance introduced 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.
Which are these cooperative banks?
Here is the list of corporative banks in Maharashtra
– Sahebrao Deshmukh Co-operative Bank,
– Sangli Sahakari Bank,
– Raigad Sahakari Bank,
– Nashik District Girna Sahakari Bank,
– Saibaba Janata Sahakari Bank,
– Anjangaon Surji Nagari Sahakari Bank,
– Jaiprakash Narayan Nagari Sahakari Bank and
– Karmala Urban Co-Operative Bank
Cooperative Bank of Uttar Pradesh
- Lucknow Urban Co-Operative Bank (Lucknow)
- Urban Co-Operative Bank (Sitapur),
- National Urban Co-operative Bank (Bahraich) and
- United India Company Co-Operative Bank (Bijonpura)
Bank of Karnataka
– Shri Mallikarjuna Pattana Sahakari Bank Regulara (Musky) and
– Shree Sharda Mahila Sahakari Bank (Tumkur)
The names of this include 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.
