Deposit Insurance Scheme: This law has come into force from September 1, 2021, and the period of 90 days will be completed on November 30, 2021. At present, there are 21 such cooperative banks, which are under the moratorium of RBI.
Deposit Insurance Scheme: Under a new law, DICGC (Deposit Insurance and Credit Guarantee Corporation), a subsidiary of the Reserve Bank of India, asked about two dozen stressed cooperative banks, including PMC Bank (Punjab and Maharashtra Cooperative Bank), to prepare a list of those account holders. who are eligible to get Rs 5 lakh within 90 days. Parliament last month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, which aims to ensure that account holders get Rs 5 lakh within 90 days of the imposition of moratorium on banks by the RBI.
This law has come into force from September 1, 2021, and the 90-day period will be completed on November 30, 2021. At present, there are 21 such cooperative banks, which are under the moratorium of RBI. Therefore, the account holders of these banks come under the law passed last month.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) said in a statement, “These (21) banks will submit the claim list by October 15, 2021 and the last updated (second) list (with principal and interest) by November 29, 2021. DICGC has also asked banks to give consent letter to account holders for access to funds up to Rs 5 lakh within 90 days as per the amended law.
Apart from PMC Bank, this step will also benefit the account holders of Shri Guru Raghavendra Sahakari Bank, Rupee Sahakari Bank, Swatantra Sahakari Bank, Adoor Sahakari Urban Bank, Bidar Mahila Urban Cooperative Bank and People’s Cooperative Bank. Of these 21 banks, 11 are from Maharashtra, five are from Karnataka, while there are one bank each from Uttar Pradesh, Madhya Pradesh, Punjab, Kerala and Rajasthan.
