Co-op depositors can now claim up to Rs 5 Lakh from bank

Mumbai: In a major relief, depositors of 21 co-operative banks—including fraud-hit Punjab and Maharashtra Co-operative Bank (PMC)—whose money got locked after these stressed lenders were placed under the RBI’s restrictions, will now be able to recover up to Rs 5 lakh within 90 days. This is because the Reserve Bank of India’s subsidiary, the Deposit Insurance and Credit Guarantee Corporation (DICGC), has begun the process to settle the depositors claims in 90 days.

Depositors will now need to contact the bank and submit a declaration of willingness to claim the amount in addition to updating any other documents/information, if needed, so that their claims can be included in the list by October 15.

The DICGC (Amend-ment) Act, 2021 has come into force with effect from September 1,the RBI said.


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