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13 co-op banks become insolvent in FY13

Out of the 13 cooperative banks, which failed in 2012-13, nine are from Maharashtra

May 28, 2013 4:05 IST | India Infoline News Service
Over 13 cooperative banks failed to repay deposits to customers in the financial year 2012-13.

Out of the 13 cooperative banks, which failed in 2012-13, nine are from Maharashtra.

Failure of these banks has led to Deposit Insurance and Credit Guarantee Corporation (DICGC) to pay Rs. 1.6 billion to depositors.

According to DICGC rules, a maximum of Rs 1 lakh is paid to a depositor in case a bank becomes bankrupt.

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