Bank of India on Sunday said it hosted a last-mile outreach campaign for the distressed account holders of 16 urban cooperative banks that went bust and helped them receive their deposit insurance cover of up to ₹5 lakh in a time-bound manner.
The event was held in the presence of Minister for Road Transport and Highways Nitin Gadkari and as per the directives of the department of financial services (DFS), ministry of finance. Bank of India is amongst 18 field locations selected for ensuring quick and smooth insurance disbursal. The principal event was webcast pan-India by Prime Minister Narendra Modi in New Delhi.
During the outreach event, Bank of India informed as well as assisted the affected depositors in filing insurance claims so that they received the payments seamlessly and without delays, it said. Following concerted efforts by all stakeholders, the campaign has gained momentum with interim payments by RBI subsidiary, Deposit Insurance and Credit Guarantee Corporation (DICGC), increasing manifold in the last 15 days.
“Specifically, over 200 depositors benefited from attending one such outreach event at Bank of India’s Sangli branch in Maharashtra. The bank assisted in remitting a deposit insurance amount of ₹37.23 crore to 4,389 account holders of Sarjerao Naik Shiarala Sahakari Bank, in the presence of Kapil Moreshwar Patil, minister of state for panchayati raj," it said.
The Deposit Insurance Credit Guarantee Corporation (Amendment) Act, 2021 came into effect on 1 September, to ensure that distressed depositors had access to deposit insurance cover, which was raised from ₹1 lakh to ₹5 lakh in February 2020.
Source : Livemint
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