New Delhi: As many as 26 co-operative banks failed in 2010-11 which resulted in credit insurance companies paying over Rs 268 crore to depositors.
26 co-operative banks, which include 10 from Maharashtra, six from Gujarat and five from Karnataka, have failed to repay deposits to customers during the last fiscal.
In 2009-10, 29 cooperative banks across the country had closed operations.
Under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the the Reserve Bank of India (RBI), insurance norms, a maximum of Rs one lakh is paid to a depositor in case the bank goes insolvent.
The Reserve Bank's credit insurance arm has paid over Rs 268 crore to depositors of 26 co-operative banks which went bankrupt in 2010-11.
The Reserve Bank's credit insurance arm has paid over Rs 268 crore to depositors of 26 co-operative banks which went bankrupt in 2010-11.
The DICGC paid the maximum amount of Rs 45.43 crore to Ahmedabad Peoples Cooperative Bank of Gujarat. Other Gujarat-based lender Shri Sinnar Vyapari Sahakari Bank got Rs 40.66 crore
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