Deposits worth Rs 15,295.82 crore held in Urban and Rural Cooperative Banks in Telangana are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), the Government of India informed Parliament. The insurance coverage extends up to Rs 5 lakh per depositor per bank, including both principal and interest, covering savings, fixed, current and recurring deposits.
In a written reply, Minister of State for Finance Pankaj Chaudhary said that, as per data from the Reserve Bank of India (RBI), NABARD and DICGC, Telangana has 48 Urban Cooperative Banks and 10 Rural Cooperative Banks, comprising one State Cooperative Bank and nine District Central Cooperative Banks.
Highlighting the role of DICGC in protecting depositors’ interests, the Minister said that claims amounting to Rs 43.08 lakh were settled in 2016 in respect of Tandur Mahila Cooperative Urban Bank Ltd., Telangana, ensuring timely relief to affected depositors.
The government reiterated that deposit insurance through DICGC plays a crucial role in maintaining public confidence in the cooperative banking system and safeguarding small depositors across the country.
