The Rupee Cooperative Bank has notified the scheme of the DICGC to refund account holders up to Rs 5 lakh. FE quotes sources saying 99% depositors will get back their money as per the amended DICGC Act.
Meanwhile the administrator of the embattled bank has called upon the central govt. to take steps to tackle problems being faced by the bank.
However, it is being said if most senior depositors are paid back their money the bank will have little money that will reduce its attraction for potential banks willing to have a merger.