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Wednesday, October 27, 2021

Up to 5 lakh deposits stuck in these banks will be returned; Know how, when and where to claim

In case of failure of a bank, the deposit-capital of Rs 5 lakh is insured i.e. the money up to Rs 5 lakh will be returned to the bank customers.

If your deposits and capital are stuck in banks, then there is great news for you. If your money is stuck in banks, then you will have to submit a claim in a prescribed format and then the money will be refunded under Section 18A of the DICGC (Amendment) Act, 2021. The account holders who want to withdraw the money stuck in the bank, they have to submit their format to the banks as soon as possible so that the banks can include their names in the list prepared by October 15, 2021.

According to the DICGC (Amendment) Act, 2021, the DICGC will refund the money to the account holders of the banks insured under All Inclusive Directions (AID). However, the account holders will get a maximum deposit of up to Rs 5 lakh within 90 days. This amended Act has come into effect from September 1, which was notified on August 27, 2021 and is for the banks insured under the DICGC Act 1961.

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List of Banks placed under AID

  1. Adoor Co-Operative Urban Bank Limited Kerala
  2. Bidar Mahila Urban Co-Operative Bank Ltd. Karnataka
  3. City Co-Operative Bank Limited Maharashtra
  4. Hindu Co-Operative Bank Limited Pathankot Punjab
  5. Kapol Co-Operative Bank Limited Maharashtra
  6. Maratha Cooperative Bank Limited Mumbai Maharashtra
  7. Millath Co-operative Bank Limited Karnataka
  8. Needs Of Life Co-Operative Bank Limited Maharashtra
  9. Padmashree Dr. Vitthal Rao Vikhe Patil Maharashtra
  10. People’s Co-Operative Bank Limited Kanpur Uttar Pradesh
  11. Punjab And Maharashtra Co-Operative Bank Limited Maharashtra
  12. Rupee Co-Operative Bank Limited Maharashtra
  13. Shree Anand Co-Operative Bank Ltd Pune Maharashtra
  14. Sikar Urban Co-Operative Bank Limited Rajasthan
  15. Sri Gururaghavendra Cooperative Bank Niamith Karnataka
  16. Mudhol Co-Operative Bank Ltd. Karnataka
  17. Mantha Co-Operative Bank Limited Maharashtra
  18. Sarjeravadada Naik Shirla Sahakari Bank Limited Maharashtra
  19. Independence Co-Operative Bank Ltd. Nashik Maharashtra
  20. Deccan Urban Co-Operative Bank Ltd. Vijaipur Karnataka
  21. Garha Co-Operative Bank Limited Guna Madhya Pradesh

Will get money back by December 29

Banks have been asked to submit the claim list by October 15, 2021 i.e. those whose money is stuck, they have to submit their claim before that. Banks will have to update the status on its verification and settlement by next 45 days i.e. 29 November 2021 along with principal and interest. After this, it has to be paid within 30 days i.e. by 29 December 2021. Explain that in case of failure of a bank, the deposit-capital of Rs 5 lakh is insured i.e. money up to Rs 5 lakh will be returned to the bank customers. Although this insurance is on per bank per customer basis i.e. having account in multiple branches of a bank, then the amount of money deposited in all the accounts together remains insured up to Rs 5 lakh.
(Article: Sunil Dhawan)

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