DICGC Action: For New India Cooperative Bank depositors, deposit insurance has become a last resort. Currently, it will let depositors take out up to Rs 5 lakh.
New India Co-Operative Bank: Thousands of depositors have had to lose blood due to the scam at New India Co-Operative Bank. Some are unable to withdraw funds for the treatment of a critical disease, while others are having issues with their daughter’s marriage. While some are having trouble getting food, others are having trouble paying their son’s school tuition. For six months, the Reserve Bank has prohibited any withdrawals, loans, or deposits from this bank. People who have all of their savings in this bank are in danger of going bankrupt in such a scenario.
A drowning guy will have a straw to grasp at thanks to deposit insurance.
Deposit insurance has been a straw to the drowning guy amid shattered trust and dwindling dreams. For the time being, it would let depositors withdraw up to Rs 5 lakh. The Reserve Bank’s subsidiary, the Deposit Insurance Credit Guarantee Cooperation, or DICGC, is required to insure the deposits of all banks. Through this partnership, bank customers can request withdrawals of up to Rs 5 lakh. Within ninety days, they will receive this sum. You must apply for this by going to the DICGC website. Following a review of the customer’s claims and supporting documentation, the money will be disbursed. You can use this website’s claim indicator tracker to keep tabs on the status of your claim. DICGC is the company that launched this tracker. The tracker will inform you of the current state of this process and the status of your claim. You will be able to plan your needs and choose when you will get this money based on this information.
You have until May 14th to withdraw 5 lakh rupees.
Additionally, until May 14, New India Cooperative Bank depositors are permitted to withdraw Rs 5 lakh from DICGC. As a result, 90 percent of the bank’s 1,30,000 depositors’ money is completely guaranteed. According to DICGC’s website, these depositors must submit their claims by March 30 for the money to be put into their other bank account. Approximately 28% of this deposit is in a savings account, and 68% is in an FD.
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