The Deposit Insurance and Credit Guarantee Corporation (DICGC) has invited the submission of depositor insurance claims relating to depositors marked as untraceable or unidentifiable by liquidators of certain cooperative banks.
The initiative aims to settle long-pending claims of insured depositors in accordance with the provisions of Sections 16 and 17 of the DICGC Act, 1961. According to DICGC, unidentifiable depositors are those who could not be paid earlier due to the non-availability of KYC documents at the time of sanction of the main claim, while untraceable depositors are those whose sanctioned claims remained undisbursed and were subsequently refunded to DICGC.
As per the list issued by DICGC, 10,70,200 depositor claims have been classified as unidentifiable.
The facility applies to cooperative banks that were liquidated before December 31, 2015. DICGC has instructed the Registrars of Co-operative Societies and the liquidators of such banks to contact the concerned depositors and submit eligible claims, if any, in accordance with prescribed guidelines.
Depositors with unpaid claims have been advised to approach the respective liquidators with officially valid identity documents.
The banks covered under this initiative include Shri Swami Samarth Urban Co-operative Bank Ltd and Swami Samarth Sahakari Bank Ltd in Maharashtra; Silchar Co-operative Urban Bank Ltd and Urban Industrial Co-operative Bank Ltd in Assam; and Deendayal Nagrik Sahakari Bank Maryadit in Madhya Pradesh. These banks were de-registered between 2000 and 2015.