Deposit Insurance and Credit Guarantee Corporation (DICGC) will make payment to eligible depositors of Lucknow-based cooperative bank Indian Mercantile Cooperative Bank on April 27. Whereas, the depositors of Beed-based Dwarkadas Mantri Nagri Sahakari Bank will be paid on June 6.
DICGC, a wholly owned subsidiary of RBI, offers an insurance cover of up to Rs 5 lakh on deposits with the bank. 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.
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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 Cooperative Bank, Rs 374 crore from 38,325 depositors of Maharashtra-based Karnala Nagari Sahakari Bank. Rs 330 crore was also given to 39,032 depositors of Maharashtra-based Karad Janata Sahakari Bank.
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Earlier, under Section 16(1) of the DICGC Act, a depositor was entitled to an insurance cover of only Rs 1,500, but over the past three decades, this sum insured gradually increased. From February 4 this year, the insurance cover on deposits has been increased to Rs 5 lakh.