Deposit Insurance and Credit Guarantee Corporation (DICGC) has settled deposit insurance claims of 3,06,146 eligible depositors of 35 cooperative banks under All Inclusive Directions’ (AID), amounting to Rs 4,055.10 crore.
Union Minister of State for Finance Bhagwat Karad shared the figures while giving a written reply to the query raised by Lok Sabha members.
“Twelve co-op banks have since gone into liquidation after the deposit insurance amount was paid to the depositors of the banks in terms of Section 18A of the DICGC Act, 1961 during 01.09.2021 to 30.11.2022”, Karad informed.
Karad replied further, “In addition, DICGC provided financial assistance of Rs 3,791.6 crore to the Unity Small Finance Bank (USFB) for making deposit insurance payment to depositors of the erstwhile Punjab and Maharashtra Cooperative Bank Ltd. (PMCBL) upon merger in terms of Section 16 (2) of the DICGC Act, 1961 (read with the provisions of Punjab and Maharashtra Co-operative Bank Limited (Amalgamation with the Unity Small Finance Bank Limited) Scheme, 2022)”.
