How to claim insured deposits from liquidated banks


Each depositor in a bank is insured up to a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's license or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Today I am going to discuss the procedure to be adopted by a depositor of a liquidated bank. The financial condition of a depositor who must have deposited money for several reasons including old age, marriaged education etc. can be imagined Hence I feel that the following information will be useful to the affected depositors.

DEPOSIT INSURANCE CREDIT GUARANTEE CORPORATION (DICGC) is a wholly owned subsidiary of Reserve Bank of India. All the commercial. Cooperative and RRBs and LABs are insured by the deposit insurance. l

Each depositor in a bank is insured up to a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's license or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

The bank which has been de-registered in Maharashtra at present is Champavati Urban Co-op Bank Ltd, Hanuman Chowk, Bashir Gang, Tal-Beed, Dist-Beed-431122, The depositor has to approach the liquidator who in turn has to forward a list of eligible claims. The claims are settled within a period of 2 months from the date of submission of claim in prescribed format to DICGC, complete in all respects. The liquidator is appointed by the Maharashtra Government. All the eligible depositors may approach the liquidator, if not, already done so.

Clarifications, if any, required would be supplied through this Forum.


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How to afford maximum insurance cover on your deposits with banks

Now as far as deposits in banks are concerned it may take various nature like fixed, current and saving and recurring deposits. Sometimes people maintain accounts with different branches too. The deposits kept in the banks including commercial , cooperative and RRBs and LABs are insured by DICGC a wholly owned subsidiary of RBI. The payment on these deposits are paid by the bank and this cannot be passed on to the deposit holders.

More articles: Liquidated Banks Banks in Maharashtra

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