Deendayal Upadhyay Credit Society Deposit Protection Scheme Maharashtra
The Cooperation minister has announced to implement this Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme after holding a meeting with representatives of cooperative credit societies. Under this scheme, the state government will provide deposits protection upto Rs. 1 lakh.
The Hon’ble Chief Minister of Maharashtra Mr. Devendra Fadnavis will launch this scheme on 25 September 2018 as this is a long-term demand of credit societies. This scheme follows the lines of Reserve Bank of India’s scheme for urban cooperative banks.
Deendayal Upadhyay Credit Society Deposit Protection Scheme
Here are some important features and highlights of this scheme –
- Under this scheme, the state government will protect deposits of upto Rs. 1 lakh in cooperative credit societies in the state of Maharashtra.
- There are a total number of 8,421 credit societies in the state with total deposits of upto Rs. 40,000 crore. It will provide additional protection to these deposits.
- This scheme will safeguard the Fixed deposits of middle and lower-middle-class depositors in these rural credit societies.
- If any society faces a financial crisis or goes into the moratorium period, then the depositors will still get their money back upto Rs. 1 lakh.
- The Credit societies are demanding for this protection for a long time. The state government has now approved it. This scheme will be launched by CM Devendra Fadnavis on 25 September 2018.
- A similar protection is already available for deposits of upto Rs. 1 lakh in the banks.
This kind of protection is given to urban cooperative banks by RBI’s Deposit Insurance and Credit Guarantee Corporations. Maharashtra Government’s this scheme will remain applicable to urban, rural (non-agricultural), women and salaried cooperative credit societies.
Maharashtra Government will invite application forms from credit societies for participating in the scheme starting from 26 September 2018.