Lakhs of depositors of 95 co-operative banks are in for a shock. These 95 co-operative banks, located across the country, have defaulted in regular payments of premium for the last three and a half years, or even more in some cases. In other words, if any of these banks goes the Madhavpura way, depositors of these banks will not be able to get back any of their money. Under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, deposits of up to Rs 1 lakh is insured.
According to data compiled by the department of economic affairs, ministry of finance, as at the end of June 2001, 95 out of the existing 2,418 co-operative banks covered under the DICGC
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