It has been reported that BMC Bank customers will get a settlement of up to Rs 5 lakh by the end of December.
Even when the banks continue to be inoperable, the Central Reserve Bank will take full control of the banks if there is a high level of malpractice. Thus, when banks go bankrupt, capital assistance is provided to recover them. But some banks will be dragged out and shut down. What is the status of those who put money in that bank that closes in such an environment? There is a special plan to provide insurance for their deposit money.
Under the Deposit Insurance and Credit Guarantee Act 1961, insurance is paid to those who make deposits in closed banks. They can get insurance up to Rs 5 lakh. It is overseen by the Deposit Insurance and Credit Guarantee Corporation (DICGC). In this context, the announcement has been made to provide deposit insurance to 21 bank customers, including Punjab and Maharashtra Co-operative Bank.
DICGC has released the list of 21 banks. Customers of those banks will soon get insurance up to Rs 5 lakh.
List of 21 banks!
- Adoor Co-operative Urban Bank Limited
- Pitar Mahila Urban Co-operative Bank Limited
- Citi Co-operative Bank Limited
- Hindu Co-operative Bank Limited, Pathankot
- Kapol Co-operative Bank Limited
- Maratha Sahakari Bank Limited, Mumbai
- Millat Co-operative Bank Limited
- Needs of Life Co-operative Bank Limited
- Padmasree Dr. Vithal Rao VK Patil
- People’s Co-operative Bank Limited, Kanpur
- Punjab and Maharashtra Co-operative Bank Limited
- Ruby Co-operative Bank Limited
- Sri Anand Co-Operative Bank Limited, Pune
- Sigar Urban Co-operative Bank Limited
- Appointed by Shri Kururagavendra Sahakara Bank
- The Muthol Co-operative Bank Limited
- Manda Urban Co-operative Bank Limited
- Sarjeravdada Naik Shirla Sahakari Bank Limited
- Independence Co-operative Bank Limited, Nashik
- Deccan Urban Co-operative Bank Limited, Vijayapura
- Karka Co-Operative Bank Limited, Guna