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Sahakar Bharati wants DICGC amendment to apply to UCBs

Senior office bearers of Sahakar Bharati have requested Finance Minister Nirmala Sitharaman and Minister of State Dr Bhagwat Karad to ensure that urban cooperative banks, which are under RBI direction for several years, are duly taken care of by the proposed amendment to the Deposit Insurance and Credit Guarantee Corporation Act. Satish Marathe, founder member, Dr Uday Joshi, National General Secretary, and Ramesh Vaidya, National President, of Sahakar Bharati, have written a letter to the Finance Minister that if the proposed DICGC amendment does not cover the UCBs, which are under RBI directions for several years, the purpose for which the Amendment is being brought about – to provide relief to the depositors of the stressed banks – will not achieve the desired result. Functionaries of Sahakar Bharati believe that DICGC will pay depositors of only those banks which are put under moratorium. They hoped that depositors of all those urban coop banks, which are under RBI directions for several years, should also be covered under the amended act. Some of the UCBs have been under RBI directions for over 7 to 9 years.

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