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DICGC to make payments in October to depositors of 17 co-op banks facing RBI restrictions

The Deposit Insurance and Credit Guarantee Corporation (DICGC) will be making payments to the eligible depositors of 17 cooperative banks, including eight from Maharashtra, in October.

The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of these 17 banks in July in view of their deteriorating financial positions.

DICGC, a wholly-owned subsidiary of the RBI, provides an insurance cover of up to Rs 5 lakh on bank deposits.

Of the 17 cooperative banks, eight are in Maharashtra, four in Uttar Pradesh, two in Karnataka, and one each in New Delhi, Andhra Pradesh and West Bengal.

The cooperative banks from Maharashtra are: Sahebrao Deshmukh Co-operative Bank, Sangli Sahakari Bank, Raigad Sahakari Bank, Nashik Zilla Girna Sahakari Bank, Saibaba Janata Sahakari Bank, Anjangaon Surji Nagari Sahakari Bank, Jaiprakash Narayan Nagari Sahakari Bank, and The Karmala Urban Co-op Bank.

As per the DICGC, the banks from Uttar Pradesh whose eligible depositors will be paid in October are: Lucknow Urban Co-op Bank, Urban Co-operative Bank (Sitapur), National Urban Co-op Bank (Bahraich), and United India Co-op Bank (Nagina). The banks in Karnataka are: Sri Mallikarjuna Pattana Sahakari Bank Niyamita (Maski) and Shri Sharada Mahila Co-operative Bank (Tumkur).

Eligible depositors of Ramgarhia Co-operative Bank (New Delhi), Suri Friends Union Co-op Bank (Birbhum, Suri, West Bengal), and Durga Co-op Urban Bank (Vijayawada, Andhra Pradesh) too will be paid by the DICGC in October. As said in economics times. The DICGC said the eligible depositors should support their claims by valid document/s of identity.