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DICGC to empanel CA firms to certify claim list of insured banks under AID

Deposit Insurance and Credit Guarantee Corporation (DICGC) has invited sealed tenders in two parts (technical bid and financial bid) from eligible CA firms for empanelment of CA firms for verification/certification of claim list and books of records of insured banks under All Inclusive Direction (AID)/ transferee banks. Bids have to be submitted bank-wise in the zone.

DICGC settles the deposit insurance claims of eligible depositors (of liquidated/ placed under AID/ transferee banks) in terms of provisions of the DICGC Act, 1961. The DICGC Act has been amended with a provision in Sec 18 A for discharging the liability towards banks, which are placed under restrictions under the BR Act.

It has been decided that no two banks shall be allotted to the same CA firm. In view of the current Covid-19 situation, bids will be invited through email only. The claims will be prepared and submitted by the bank in phases.  While applying, the CA firms must ensure that they have the adequate, experienced manpower to carry out the task in a timely manner.

The first list with the willingness of depositors (with KYC list) will be provided within 45 days of the notification date (September 1, 2021). This will be including the principal outstanding with interest due and payable as on September 1, 2021. The outstanding deposit liability will be certified by the Statutory Auditor of the bank. The corporation estimates that the fees for the assignment could vary between Rs10 and Rs12 per depositor, excluding applicable taxes.

The number of depositors may be less than the number of insured accounts mentioned. This is to provide an approximation of number of depositors:

  1. Adoor Co-operative Urban Bank, Kerala
  2. Bidar Mahila Urban Co-operative Bank, Karnataka
  3. City Co-operative Bank, Maharashtra
  4. Hindu Co-operative Bank, Pathankot, Punjab
  5. Kapol Co-operative Bank, Maharashtra
  6. Maratha Sahakari Bank, Mumbai, Maharashtra
  7. Millath Co-operative Bank, Karnataka
  8. Needs of Life Co-operative Bank, Maharashtra
  9. Padmashree Dr Vithal Rao Vikhe Patil, Maharashtra
  10. People’s Co-operative Bank, Kanpur, Uttar Pradesh
  11. Punjab & Maharashtra Co-operative Bank, Maharashtra
  12. Rupee Co-operative Bank, Maharashtra
  13. Shri Anand Co-operative Bank, Pune, Maharashtra
  14. Sikar Urban Co-operativ Bank, Rajasthan
  15. Sri Gururaghvendra Sahakara Bank Niyamitha, Karnataka
  16. The Mudhol Co-operative Bank, Karnataka
  17. Mantha Urban Co-operative Bank, Maharashtra
  18. Sarjeraodada Naik Shirala Sahakari Bank, Maharashtra
  19. Independence Co-operative Bank, Nashik Maharashtra
  20. Deccan Urban Co-operative Bank, Vijayapura, Karnataka
  21. Garha Co-operative Bank, Guna, Madhya Pradesh

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