Announcement by the Depositors Insurance Credit Gurantee Corporation (DIGC) to allocate Rs 17 crore towards repayment of deposits of now defunct Mitra Mandal Co-Operative Bank has given huge relief to the bank's customer, who are waiting for their money for last two years. | |
| As Reserve Bank of India found many irregulatries in the functioning of the Mitra Mandal bank, it revoked its licence and ever since bank depositors were waiting for their money. |
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| There are about 23,000 bank's customers who had deposits of less than Rs 1 lakh and total amount of such deposit is Rs 19.11 crores. which has been locked as bank went into liqudation. |
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| However, as DIGC found irregularties in some of the accounts, it decided to settle the depositors claim only up to Rs 17 crore |
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