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

Payment under Section 18 A of DICGC Act: Banks placed under All Inclusive Directions (AID) by Reserve Bank of India (RBI)

30-Aug-2023 | Press Release

Deposit Insurance and Credit Guarantee Corporation (DICGC) has issued a press release regarding the payment of eligible depositors under Section 18A of the DICGC Act, 1961, for banks placed under All Inclusive Directions (AID) by the Reserve Bank of India (RBI). The key points from the press release are:

DICGC will make payments to eligible depositors of the specified banks subject to the submission of a claim list by the concerned bank within the statutory timeline of 45 days, i.e., by October 13, 2023.

The banks covered in this press release are Ajantha Urban Co-operative Bank Maryadit, Aurangabad, and Purvanchal Co-operative Bank Limited, Ghazipur. The last date for the submission of claims or willingness is October 13, 2023.

Depositors of these banks are advised to submit their deposit insurance claims to the respective banks. Claims should be supported by officially valid identity documents and a written consent to receive the amount credited to their deposit.

The maximum amount that can be claimed is Rs. 5 lakhs in the same capacity and right, along with alternate bank account details for crediting the amount. The willingness declaration submitted will apply to all deposit accounts held by the depositor in the bank.

Depositors who submit valid documents will receive their payments either by crediting the amount to their alternate bank account or to their Aadhaar-linked bank account, subject to the bank's compliance with statutory timelines for claim list submission as per Section 18A(2).

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