On liquidation, it said every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). "As per the data submitted by the bank, 99.98 per cent of the depositors are entitled to receive full amount of their deposits from DICGC,” the press release read., Companies News, Times Now
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RBI cancels licence of THIS bank. Check details
The RBI on Monday said it has cancelled the licence of Vasantdada Nagari Sahakari Bank, Osmanabad, Maharashtra as the bank would be unable to pay its present depositors in full in its current financial position.
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Vasantdada Nagari Sahakari Bank will be set in motion.
On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs 5,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC), the Reserve Bank of India (RBI) said.