After RBI cancelled the licence of the Shivajirao Bhosale Cooperative bank’, the state cooperative department has appointed deputy registrar RS Dhondkar, as liquidator for the bank., reports HT.
Welcoming the appointment of the administrator, depositors of the bank said this has brightened the chances of insurance payments and investors getting their money soon.
It is worth repeating that the Deposit Insurance and Credit Guarantee Corporation (DICGC) is liable to pay upto Rs 5 lakh within two months of filing a claim with the liquidator. It is said the process of paying depositors as per the DICGC Act 1961, will start soon as per the RBI order.