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Good news for depositors of co-operative banks under moratorium

MUMBAI (CU)_Depositors of co-operative banks currently under moratorium in India can now look forward to a long-delayed settlement, as the Ministry of Finance announced a deadline to get their money back. According to the announcement made the department on 1 September, banks under moratorium are given 90 days to settle up to ₹500, 000 to depositors.

“In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (30 of 2021), the Central Government hereby appoints the 1st day of September 2021, as the date on which the provisions of the said Act shall come into force,” the finance ministry noted. 

Previously, depositors of failed or stressed banks under a moratorium were…

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