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Corporate Laws Central Ministry of Finance Deposit Insurance and Credit Guarantee Corporation Act, 1961

DICGC Announces Payment Schedule for Colour Merchants Co-operative Bank Ltd., Ahmedabad

27-Sep-2023 | Press Release: 2023-2024/06

Deposit Insurance and Credit Guarantee Corporation (DICGC) has released a press statement outlining the payment schedule for eligible depositors of the Colour Merchants Co-operative Bank Ltd., Ahmedabad, in accordance with Section 18A of the DICGC Act, 1961. Here are the important details: 1. Bank Details: Bank Name: Colour Merchants Co-operative Bank Ltd., Ahmedabad City, State: Ahmedabad, Gujarat Effective Date (AID): September 25, 2023 2. Payment Schedule: Last Date for Claim Submission: November 09, 2023 Date of Payment by DICGC: December 24, 2023 3. Claim Submission Process: Depositors are urged to submit their deposit insurance claims to the bank. The claims must be accompanied by officially valid identity documents and a written consent to receive the deposit amount. This consent is applicable up to a maximum of Rs. 5 lakhs, held in the same capacity and rights. Additionally, alternate bank account details are required for the crediting of the said amount. Note: The willingness declaration submitted will be deemed applicable for all deposit accounts held by a depositor in the bank.

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