The Deposit Insurance and Credit Guarantee Corporation (DICGC) has announced that it will commence payments to eligible depositors of Pusad Urban Co-operative Bank, Pusad (Maharashtra) under Section 18A of the DICGC Act, 1961. The bank was placed under All-Inclusive Directions (AID) effective November 7, 2025.
According to the DICGC notification dated November 10, 2025, the last date for submission of claims and willingness forms by depositors is December 22, 2025, while the payment date has been fixed for February 5, 2026.
Depositors have been advised to submit their claims to the bank along with valid identity documents and a written declaration expressing their willingness to receive the insured amount- up to Rs 5 lakh per depositor, in the same capacity and right.
The amount will be credited directly to the depositor’s alternate bank account or, with consent, to their Aadhaar-linked account.
The DICGC has clarified that the willingness declaration will apply to all accounts held by the depositor in the bank. Detailed guidelines and claim procedures are available on the DICGC website at https://www.dicgc.org.in/public-awareness