NEWS & ADVICE : FIXED DEPOSITS
13 co-op banks failed to repay deposits to customers last fiscal
By Neelima Shankar
May 28, 2013
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During the last financial year, 13 cooperative banks turned insolvent resulting in credit insurance company, DICGC repaying Rs 160 crore to depositors.

Among the 13 cooperative banks, which failed to repay deposits to customers, two of them are from Gujarat; nine from Maharashtra and one each from Andhra Pradesh and Odisha.

Under the norms of Deposit Insurance and Credit Guarantee Corporation (DICGC), which is a wholly-owned subsidiary of the Reserve Bank of India (RBI), a maximum of Rs 1 lakh is paid to a depositor in case a bank goes insolvent.

RBI's credit insurance subsidiary has paid Rs 159.85 crore to depositors of 13 cooperative banks which went bankrupt during April 2012 to March 2013, according to DICGC.

During financial year 2011-12, 18 cooperative banks had closed operations. As a result DICGC paid Rs 277.31 crore to the depositors of these banks too.


 


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