The Deposit Insurance and Credit Guarantee Corporation (DICGC) has decided to give depositors of 21 distressed cooperative banks their deposits (maximum Rs 5 lakh) within 90 days. These banks also include PMC Bank of Mumbai. Let us tell you that DICGC is a subsidiary company of RBI.
decision under the new rules
The Central Government passed the DICGC Amendment Bill, 2021 in the Parliament in August this year. Under this, even if a bank goes bankrupt or RBI stops its operations, customers will be entitled to get deposits up to a maximum of Rs 5 lakh within 90 days. Earlier this limit was Rs 1 lakh. DICGC has decided to give money to the customers of these 21 banks under this rule.
Zerodha CEO explains how market operators entrap retail investors
11 Banks of Maharashtra
RBI has currently put 21 cooperative banks in the All-Inclusive Direction (AID) list. The functioning of the banks included in this list is banned till further orders. Maharashtra has the highest number of 11 banks out of these 21 banks, while 5 are from Karnataka and 1 each in Uttar Pradesh, Madhya Pradesh, Punjab, Kerala and Rajasthan.
Banco issued instructions
DICGC has sent a consent form to the banks, which they will have to fill up by their customers. In this, consent will be taken from the customers that they are ready to accept the amount up to Rs 5 lakh under the new rules.
How to Apply Customer?
The DICGC has asked the depositors to approach their respective bank and submit their consent firm and other required documents before October 15. After this, the DICGC will check these documents in the next 45 days.
EPFO Alert: Do not get stuck your pension and insurance of Rs 7 lakh, do this work today
When will the customers get the money?
The DICGC informed that the depositors who are found eligible will get a maximum deposit amount of Rs 5 lakh by 29 December 2021.
PMC Bank customers are troubled for two years
The RBI had put the functioning of PMC Bank on hold in September 2019 after several financial irregularities came to light. PMC Bank is one of the largest cooperative banks in the country. Due to the ban on the functioning of the bank, the money of thousands of depositors got stuck in it, which they could not withdraw.
ADB reduced the country’s economic growth forecast to 10 percent
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.