Mumbai: Customers of 21 failed cooperative banks, including the infamous Punjab and Maharashtra Co-operative (PMC) Bank, their deposit amount will get back up to Rs 5 lakh. NS deposit insurance amount And the Credit Guarantee Corporation of India (DICGC) has said that, after the amendment of DICGC Act, it will pay the depositors within 90 days.
Apart from PMC, big banks include Rupee Coop Bank, Kapolo Cooperative bank, Maratha Coop Bank, and Citi Coop Bank – all from Maharashtra. Depositors in these banks have been waiting for years for their money. Traditionally the RBI placed distressed banks under an ‘all-inclusive direction’, meaning they could not settle any of their assets or liabilities without the permission of the central bank. This was done after the bank became impractical. In general, depositors would be paid if all options had failed and the bank was liquidated.
will pave the way for payment resolution planning PMC Bank Presented by Centrum and Bharat Pay. With large amounts out of the way of retail deposits, new promoters can get a better idea of the liabilities remaining on large deposits and submit their plans. With most liabilities out of the way, it may be easier for rival co-operatives to merge a few failed banks.
The DICGC (Amendment) Act – which was notified on 27 August and came into force on 1 September – allowed deposit insurance to be paid in advance. The depositors have to submit their willingness to claim the insurance.
Banks will have to submit the claim list by October 15 and the last updated list with principal and interest will have to be updated by November 29. Only those depositors who have expressed their willingness to claim insurance will get their money.
Depositors will be the biggest beneficiaries in Maharashtra, with 11 failed banks located here. The eight other banks are Hindu Coop Bank, Needs of Life Coop Bank, Padmashree Vithal Rao Vikhe Patil Coop Bank, Shree Anand Coop Bank, Mantha Urban Coop Bank, Sarjeroda Naik Shirala Coop Bank and Independence Coop Bank.
There are five co-operative banks from Karnataka – Bidar Mahila Urban Coop Bank, Milath Coop Bank, Gururaghavendra Coop Bank, Mudhol Coop Bank and Deccan Urban Cooperative Bank. The remaining five are Adoor Coop Bank of Kerala, Hindu Coop Bank (Punjab), People’s Cooperative Bank (UP), Sikar Urban Cooperative Bank (Rajasthan) and Garha Cooperative Bank (MP).
Apart from PMC, big banks include Rupee Coop Bank, Kapolo Cooperative bank, Maratha Coop Bank, and Citi Coop Bank – all from Maharashtra. Depositors in these banks have been waiting for years for their money. Traditionally the RBI placed distressed banks under an ‘all-inclusive direction’, meaning they could not settle any of their assets or liabilities without the permission of the central bank. This was done after the bank became impractical. In general, depositors would be paid if all options had failed and the bank was liquidated.
will pave the way for payment resolution planning PMC Bank Presented by Centrum and Bharat Pay. With large amounts out of the way of retail deposits, new promoters can get a better idea of the liabilities remaining on large deposits and submit their plans. With most liabilities out of the way, it may be easier for rival co-operatives to merge a few failed banks.
The DICGC (Amendment) Act – which was notified on 27 August and came into force on 1 September – allowed deposit insurance to be paid in advance. The depositors have to submit their willingness to claim the insurance.
Banks will have to submit the claim list by October 15 and the last updated list with principal and interest will have to be updated by November 29. Only those depositors who have expressed their willingness to claim insurance will get their money.
Depositors will be the biggest beneficiaries in Maharashtra, with 11 failed banks located here. The eight other banks are Hindu Coop Bank, Needs of Life Coop Bank, Padmashree Vithal Rao Vikhe Patil Coop Bank, Shree Anand Coop Bank, Mantha Urban Coop Bank, Sarjeroda Naik Shirala Coop Bank and Independence Coop Bank.
There are five co-operative banks from Karnataka – Bidar Mahila Urban Coop Bank, Milath Coop Bank, Gururaghavendra Coop Bank, Mudhol Coop Bank and Deccan Urban Cooperative Bank. The remaining five are Adoor Coop Bank of Kerala, Hindu Coop Bank (Punjab), People’s Cooperative Bank (UP), Sikar Urban Cooperative Bank (Rajasthan) and Garha Cooperative Bank (MP).
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