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Raghuvanshi Bank depositors can claim up to Rs. 1 lakh
MUMBAI,
MARCH 24.
The Reserve Bank of India has asked the Registrar of Cooperative Societies, Maharashtra, to appoint a liquidator for Raghuvanshi Cooperative Bank for winding up operations of the insolvent bank.
Bank depositors will be eligible to get their claims up to Rs. 1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a release here today.
"The liquidator should send the claims of all depositors to the DICGC and every effort will be made to complete the formalities within 90 days to settle the depositors claims,'' the central bank added.
The Mumbai-based cooperative bank had earlier ceased to be solvent and the RBI had cancelled its licence on March 18.
The bank had been facing serious liquidity crunch and had been placed under directions by the RBI. — PTI
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