Customers of 16 distressed cooperative banks (including People’s Co-operative Bank based in Kanpur) will get Rs 5 lakh each on Monday. This amount will be given under the Deposit Insurance Cover Scheme. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, will release this amount under a new rule. The DICGC had earlier prepared a list of 21 banks, but five banks were left out of the list. These include Punjab and Maharashtra Co-operative Bank (PMC). Their customers will not get a deposit insurance cover of Rs 5 lakh.
Explain that these five banks are either in a state of merger or have now come out of the moratorium. Therefore, customers of these banks will not get Rs 5 lakh. In August, Parliament passed the DICGC (Amendment) Bill, 2021. The aim is to ensure that account holders get up to Rs 5 lakh within 90 days of the RBI imposing the moratorium on banks. Following the enactment, the Government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force. The mandatory 90 days from the notified date is getting completed on November 29, 2021. Accordingly, by the end of November 29, five lakh rupees will come in the account of the account holders.
Account holders of these banks will get five lakhs
Adoor Co-Operative Urban Bank-Kerala, Citi Co-Operative Bank-Maharashtra, Kapol Co-Operative Bank-Maharashtra, Maratha Shankar Bank, Mumbai-Maharashtra, Milat Co-Operative Bank-Karnataka, Padmashree Dr. Vithal Rao Vikhe Patil-Maharashtra, Peoples Co-Operative Bank, Kanpur-North Pradesh, Shree Anand Co-Operative Bank, Pune-Maharashtra, Sikar Urban Co-Operative Bank Limited- Rajasthan, Shri Gururaghavendra Sahakari Bank Regular- Karnataka, Mudhoi Co-Operative Bank-Karnataka, Mata Urban Co-Operative Bank-Maharashtra, Sarjeraodada Nashik Shirala Co-Operative Bank-Maharashtra, Independence Co-Operative Bank, Nashik-Maharashtra, Deccan Urban Co-Operative Bank, Vijaypur-Karnataka and Planet Co-Operative Bank, Guna- Madhya Pradesh are included in this list.
