To protect 26.7 million investors with Rs 95,000 crore in deposits across 21,000 cooperative credit societies, the Maharashtra government has mandated a 0.1% profit contribution from these societies to compensate depositors in case of liquidation.
Depositors will receive up to Rs 1 lakh in protection from a fund created by society contributions and a Rs 100 crore initial government investment.
The cooperation commissioner has directed societies to contribute by March 2025. This initiative, modeled after Kerala’s scheme, aims to safeguard depositors, especially those with deposits under Rs 1 lakh.