Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the depositors/account holders of the 21 insured banks placed under the all-inclusive directions (AID) an amount equivalent to the deposits outstanding or up to a maximum of Rs 5 lakh in 90 days.

The number of 21 insured banks have been placed under AID, and the depositors of these banks will be getting funds under the deposit insurance scheme, DICGC said.

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These banks shall submit a claim list by 15 October and update the position as of 29 November (with principal and interest) in a final updated (second) list to enable DICGC to settle the claim and discharge its insurance liability in full as per norms. “Unpaid (updated willingness list)/difference in the amount of deposits up to the eligible amount (as per the final updated list submitted by November 29, 2021) will be paid within 30 days of receipt (i.e., by December 29, 2021),” as per the DICGC release.