Depositors of 16 co-operative banks of the country were given Rs. Five lakh will be received

This amount will be provided under the Deposit Insurance Cover Scheme

This amount will be provided by RBI's affiliate DICGC

New Delhi: Rs 5 lakh each will be given to customers of 16 co-operative banks, including People's Cooperative Bank, including Kanpur, which is facing financial crisis. This amount will be provided under the Deposit Insurance Cover Scheme. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, will issue the amount under a new rule.

DICGC had earlier prepared a list of 21 banks. However, five backs have been removed from the list. Including Punjab and Maharashtra Cooperative Bank (PMC) Bank. It is to be mentioned that these five banks are in the process of merger and Arthwa has come out of the moratorium. So the customers of these five banks will not get five lakh rupees. In August, Parliament passed the DICGC (Amendment) Bill, 2021.

Its objective is to ensure that the account holders get Rs 5 lakh within 90 days of the RBI applying the moratorium on the bank. Among the 16 co-operative bank customers who will get Rs 5 lakh are Edur Cooperative Urban Bank (Kerala), City Cooperative Bank (Maharashtra), Kapol Cooperative Bank (Maharashtra), Maratha Shankar Bank (Maharashtra), Milat Cooperative Bank (Karnataka), Padma Shri Dr. Vitthal Rao Vikhe Patil (Maharashtra), People's Cooperative Bank (Uttar Pradesh), Shri Anand Cooperative Bank (Maharashtra), Sikar Urban Cooperative Bank Limited (Rajsruthan), Shri Gururaghvendra Sahakari Bank (Karnataka), Mughoi Cooperative Bank (Karnataka) Cooperative Bank (Maharashtra), Sarjeraiodada Nasik Shirala Cooperative Bank (Maharashtra), Independence Cooperative Bank (Maharashtra), Deccan Urban Cooperative Bank (Karnataka) and Graha Cooperative Bank (Madhya Pradesh).