The Hindu Business Line : Aurangabad co-op depositors' claims to be settled

THE Reserve Bank of India has said that depositors of the Aurangabad Peoples' Cooperative Bank, Maharashtra, are eligible to get their claims up to Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

The central bank had on January 12, cancelled the bank's licence on the ground that it was insolvent. A requisition has been made to the Commissioner for Co-operation and Registrar of Cooperative Societies, Maharashtra, for winding up of the bank and to appoint a liquidator, said an RBI release.

The liquidator is required to expeditiously send the claims of all depositors to DICGC. "Every effort will be made to complete the formalities within about 90 days to settle the depositors' claims," the release said.

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