The Deposit Insurance and Credit Guarantee Corporation (DICGC) has announced that it will make payments to the eligible depositors of the Yashwant Cooperative Bank, Phaltan, Maharashtra, under Section 18A of the DICGC Act, 1961. The bank was placed under All-Inclusive Directions (AID) with effect from May 29, 2025.
As per the official communication, the DICGC will release the insured amount, up to a maximum of Rs 5 lakh per depositor in the same capacity and right, by August 27, 2025. This is subject to the bank submitting the final depositor claim list in the prescribed format by the statutory deadline of July 13, 2025.
Depositors have been advised to submit their willingness declaration to the bank along with officially valid identity documents and details of an alternate bank account. This declaration will be treated as applicable for all deposit accounts held by the depositor in the bank.
The DICGC has also clarified that, upon consent, the insured amount may be credited to the depositor’s Aadhaar-linked bank account as well. The entire process is contingent upon the timely submission of accurate depositor data by the concerned bank.
The announcement was made by N. Arun Vishnu Kumar, Director (E), DICGC.