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).
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