Thanks, Ms Sucheta Dalal, i decided to look into how many claims were settled by Deposit Insurance and Credit Guarantee Corporation (DICGC).
DICGC helps in insuring the depositors money. Presently the limit is upto Rs.1,00,000. I will reproduce what the DICGC website says:
Each depositor in a bank is insured upto a maximum of 1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Due to curiosity , after watching Ms Dalal (Moneylife foundation video), i visited the DICGC website to find out claims paid or settled since August 2006 to December 2017.
Computing the data available , state wise claim settled, below table displays the State and the number of claims settled:
For the years in 2000
|
|||||||||||||
State
|
06
|
07
|
08
|
09
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
T
|
Maharashtra
|
2
|
5
|
5
|
17
|
11
|
10
|
10
|
4
|
2
|
1
|
2
|
5
|
74
|
Gujarat
|
14
|
6
|
6
|
5
|
7
|
2
|
3
|
1
|
1
|
45
|
|||
Karnataka
|
2
|
1
|
4
|
7
|
6
|
4
|
1
|
25
|
|||||
M.P.
|
2
|
4
|
1
|
1
|
1
|
9
|
|||||||
A.P.
|
4
|
1
|
1
|
1
|
1
|
8
|
|||||||
U.P.
|
2
|
3
|
1
|
6
|
|||||||||
Assam
|
1
|
1
|
1
|
1
|
4
|
||||||||
Bihar
|
2
|
1
|
3
|
||||||||||
Rajasthan
|
1
|
1
|
1
|
3
|
|||||||||
West
Bengal
|
1
|
1
|
1
|
3
|
|||||||||
Telangana
|
1
|
1
|
2
|
||||||||||
T.N.
|
2
|
2
|
|||||||||||
Chattisgarh
|
1
|
1
|
2
|
||||||||||
Odisha
|
1
|
1
|
2
|
||||||||||
Jharkhand
|
1
|
1
|
|||||||||||
Manipur
|
1
|
1
|
|||||||||||
Total (T)
|
25
|
22
|
20
|
34
|
28
|
18
|
16
|
4
|
5
|
4
|
5
|
9
|
190
|
M.P. - Madhya Pradesh, U.P - Uttar Pradesh, A.P. - Andhra Pradesh, T.N.- Tamil Nadu.
Lessons (since 2006 and especially since 2013)
- Depositors in Maharashtra should be careful in keeping their life time of savings with Co-operative Banks.
- Since 2013 Maharashtra had the maximum claim settled i.e. 14.
Table since 2013 displayed below shows depositors from Maharashtra in a very risky position:
State
|
2013
|
2014
|
2015
|
2016
|
2017
|
T
|
Maharashtra
|
4
|
2
|
1
|
2
|
5
|
14
|
Assam
|
1
|
1
|
2
|
|||
Telangana
|
1
|
1
|
2
|
|||
Rajasthan
|
1
|
1
|
2
|
|||
Gujarat
|
1
|
1
|
2
|
|||
West
Bengal
|
1
|
1
|
2
|
|||
Odisha
|
1
|
1
|
||||
A.P.
|
1
|
1
|
||||
Manipur
|
1
|
1
|
||||
Total
|
4
|
5
|
4
|
5
|
9
|
27
|
Concerns
All the claim settled pertain to Co-Operative Banks, not a single Public Sector or Private Sector Banks are there. Hence, it is safe to deposit with Public Sector and Private Sector banks.
Plea to Government
We know Public sector banks have to improve services and its very time consuming occasionally. Prime Minister of India, please, do not close public sector banks.
Reason for not referring to Private Sector Banks is due to high minimum deposit to be maintained as compared to Public Sector Banks.
Please protect the interest of small depositors.
Maharashtra Depositors
Depositors, please wake up post PMC Bank failure. This news has been reported in all Television News Channels, Newspapers, Social media. It is time to safeguard your savings. Do not keep your savings in the custody of Politician, Businessmen, Community controlled Co-Operative banks.
06 October 2019
There was an error in the numbers presented in the table above. This was corrected on 06 October 2019.
06 October 2019
There was an error in the numbers presented in the table above. This was corrected on 06 October 2019.
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