 "banks")
The Reserve Bank of India’s (RBI’s) decision to impose restrictions on the Mumbai-based New India Co-operative Bank following an alleged ₹122 crore fraud came as a rude shock to thousands of depositors, many of whom had deposited large sums just days ago. The only visible relief for them is that the deposit insurance claim process has been set in motion, allowing savers to recover up to ₹5 lakh by May 14.
Around 90 per cent of the bank’s 130,000 depositors are fully insured under the deposit insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Depositors must
