Millath Co-operative Bank Ltd., Davangere, Karnataka, had its licence suspended by the Reserve Bank of India (RBI), resulting in a capital shortage. As a result, the bank’s banking operations will come to an end at the end of the day. According to a press release from the RBI, the Registrar of Cooperative Societies in Karnataka has also been asked to issue an order winding up the bank and appoint a liquidator.
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KEY POINTS:
DICGC Act, 1961:
On August 21, 1961, the Deposit Insurance Corporation (DIC) Bill was introduced in Parliament. The Bill received the President’s assent on December 7, 1961, after it was passed by Parliament, and the Deposit Insurance Act of 1961 went into effect on January 1, 1962. Only functioning commercial banks were initially covered by the Deposit Insurance Scheme. The State Bank of India and its subsidiaries, as well as other commercial banks and foreign bank branches operating in India, were included.
Deposit Insurance and Credit Guarantee Corporation (DICGC):
The Deposit Insurance and Credit Guarantee Corporation Act, 1961, says that it is an Act to provide for the establishment of a Corporation for the purpose of deposit insurance and credit guaranteeing, as well as other things connected with or incidental thereto.
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