DICGC: Deposit Insurance and Loan Guarantee Corporation (DICGC) will make payment to eligible depositors of Lucknow-based co-operative bank Indian Mercantile Co-Operative Bank on April 27. At the same time, the depositors of Dwarkadas Mantri Nagari Sahakari Bank, Beed, will be paid on June 6.
Insurance cover of Rs 5 lakh will be available
DICGC Bank, a wholly owned subsidiary of RBI, offers an insurance cover of up to Rs 5 lakh on deposits. The DICGC said in a notice that the depositors of both the co-operative banks would be paid the sum insured in the specified alternate bank account on submission of valid documents.
Claims of 8 co-operative banks will be settled
In the financial year 2021-22, the DICGC had settled the main claims of eight co-operative banks. This included about Rs 136 crore from 32,221 depositors of Goa-based The Madgam Urban Co-operative Bank, Rs 374 crore from 38,325 depositors of Maharashtra-based Karnala Nagari Sahakari Bank. 330 crore was also given to 39,032 depositors of Maharashtra-based Karad Janata Sahakari Bank.
Know how much do you get covered?
Earlier, under Section 16(1) of the DICGC Act, a depositor used to get an insurance cover of only Rs 1,500, but over the last three decades this amount of insurance kept increasing gradually. From February 4 this year, the insurance cover on deposits has been increased to Rs 5 lakh.