Deposit Insurance and Credit Guarantee Corporation (DICGC) Pays ₹ 5 Lakh to Stressed 16 Co operative banks
Deposit Insurance and Credit Guarantee Corporation (DICGC) processed the deposit claims of 16 stressed cooperative banks today. There has been no other instance of such swift disbursement of deposit insurance claims in the history of cooperative banking in the country. I am grateful to you for taking all measures possible to provide relief to lakhs of depositors, majority of whom are senior citizens. This reaffirms the faith of the weaker section in the system and in the government.
As part of the DICGC disbursements today, more than 12,014 depositors of the Sri Guru Raghavendra Cooperative Bank of my constituency Bengaluru South received their deposit insurance up to Rs 5 lakh. There are 43,619 depositors in the Bank and around 33,390 account holders have deposits up to Rs 5 lakh. The deposit insurance of Rs 5 lakh represents the entire hard eared life savings of all such lower middle class and middle class families.
‘The provision of deposit insurance of Rs 3 lakh cnsures that more than 75% of the depositors in the bank receive their full deposits.
Right from the beginning of the crisis, the government has protected the interests of these aggrieved depositors. The government first increased the deposit insurance from Rs 1 lakh to Rs 5 lakh and with an amendment to the DICGC Act this year, it ensured that 98.3% of all depositors and 50.9% of the deposit value in all banks are protected. This work underlines the spirit of Antyodaya of the government.
On behalf of all such depositors, I once again thank you for protecting the interests. The country will be eternally grateful to you for this kind gesture.
