A news outlet reports account holders of several stressed cooperative banks will be given Rs 5 lakh deposit insurance cover soon by RBI’s subsidiary DICGC as part of its mandate under a new law.
A public notice from the DICGC says the depositors of the banks, who have not submitted their claims, are advised to contact the respective banks.
Earlier, parliament passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.