DICGC to announce new date to submit claims

DICGC to announce new date to submit claims

Subject – Economy

Context – The Deposit Insurance and Credit Guarantee Corporation (DICGC) has clarified that it will separately communicate the revised date for submission of claims and the procedure to be followed in respect of payment of deposits in the case of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.

Concept –

• The Deposit Insurance and Credit Guarantee Corporation (DICGC) has clarified that it will separately communicate the revised date for submission of claims and the procedure to be followed in respect of payment of deposits in the case of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.
• DICGC had, on September 21, asked the depositors of 21 urban co-operative banks, including PMC Bank, Sri Gururaghavendra Sahakara Bank, Rupee Co-operative Bank and Kapol Co-Operative Bank, which are currently under the RBI’s All-Inclusive Directions (AID), to contact their banks and submit the declaration of willingness to enable DICGC make payments.

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