The Deposit lnsurance and Credit Guarantee Corporation (DICGC) on January 30, 2025, issued the comprehensive guidelines for liquidators of Urban Cooperative Banks - Repayments of DICGC Rules.
The following has been stated namely: -
• It has issued guidelines consolidating requests, provisions, and judicial interpretations to enhance clarity, compliance, and understanding of recovery requirements for liquidators handling claims of liquidated Urban Cooperative Banks.
• It further states that liquidators shall prioritize DICGC repayment before other creditors, transfer liquid funds to DICGC immediately, avoid opening accounts without CRCS/RCS and DICGC approval, submit accurate statements on time, and expedite the liquidation process.
[Notification no. - RMC/S2299/11.02.997/2024-25]
