Payment under Section 18 A of DICGC Act – New India Co-operative Bank Limited, Mumbai
FinTech BizNews Service
Mumbai, February 18, 2025: The Deposit Insurance and Credit Guarantee Corporation (DICGC) will be making payments to the eligible depositors of the bank as specified below, in terms of Section 18A of the DICGC Act, 1961, subject to submission of depositor list by the bank concerned, in such form and manner as prescribed by DICGC within statutory timeline of 45 days i.e., by March 30, 2025.
The Reserve Bank had on February 14, 2025 superseded the Board of Directors of New India Cooperative Bank Ltd., Mumbai, for a period of 12 months
S.no | Name of Bank | City,State | Last date for submission of claim/ willingness | Date of payment by DICGC |
1 | New India Co-operative Bank Ltd., (AID w.e.f. February 13, 2025) | Mumbai, Maharashtra | March 30, 2025 | May 14, 2025 |
Depositors of the above bank are advised to submit their deposit insurance claims to the bank. The claims should be supported by officially valid document/s of identity and written consent to receive the amount lying in credit of their deposit (willingness declaration), subject to a maximum of Rs.5 lakh in same capacity and in the same right, along with alternate bank account details into which the said amount will be credited.
Please note that the willingness submitted shall be construed applicable for all deposit accounts held by a depositor in the bank.
Depositors submitting valid documents, as mentioned above, will be paid by credit to the alternate bank account specified by depositors, or on their consent, to their Aadhaar linked bank account, subject to bank abiding by the statutory timelines of depositor list submission in terms of Section 18 A, as per the Press Release issued by Pawanjeet Kaur Rishi
Deputy General Manager, NICB.
The Reserve Bank of India (RBI) vide Directive Ref. No. CO.DOS.SED.No.D-01/12-22-350/2024-2025 dated February 13, 2025, had issued certain Directions to New India Co-operative Bank Limited, Mumbai (“the bank”), whereby, as from the close of business on February 13, 2025, the bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated February 13, 2025, a copy of which is displayed on the bank's website / premises for perusal by interested members of the public. Considering the bank's present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor but is allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.
