If you also have an account in these banks, then you will get five lakh rupees
Posted on Dec 03, 2021
By Sushama devi
Published in News
There is good news for the customers of 16 co-operative banks, which have been facing financial crisis for a long time, after following the new rules of RBI. According to the new guidelines of RBI, customers of these 16 banks will soon get an amount of Rs 5 lakh each. According to the guidelines of RBI, this amount will be given under the Deposit Insurance Cover Scheme.
This is a deposit insurance cover scheme
RBI's subsidiary DICGC will release this amount under the new rules. The DICGC had earlier prepared a list of 21 banks, but five banks were left out of the list. The DICGC excluded five other co-operative banks, including the Punjab and Maharashtra Co-operative Bank (PMC), from the list to undergo the resolution process. Their customers will not get a deposit insurance cover of Rs 5 lakh.
Benefits available under this law
The DICGC (Amendment) Bill, 2021 was passed by Parliament in August. The aim is to ensure that account holders get up to Rs 5 lakh within 90 days of the ban on banks by the RBI. This law has come into force from 1st September 2021 and 90 days will be completed on 30th November 2021. The period of 90 days for payment in the first phase under this scheme has been completed on November 30.
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