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Maharashtra to launch scheme to protect deposits in credit societies



Maharashtra to launch a scheme to protect deposits in credit societies: Details, Aim, Highlights

The Maharashtra government is going to unveil with a scheme to protect deposits of upto Rs 1 lakh in cooperative credit societies, on the lines of similar protection offered to depositors of commercial banks.

The name of the scheme would be Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme. It will provide protection to deposits up to Rs one lakh.

The Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme will be launched by Chief Minister Devendra Fadnavis on 25th September 2018.

There are 8,421 credit societies in the state, with total deposits of Rs 40,000 crore. Under the scheme, if a society faces financial crisis, depositors will still get their money back (upto Rs 1 lakh).

The credit societies have been demanding this protection for a long time. A similar protection is already provided to deposits of upto Rs 1 lakh in banks.

Maharashtra (India)

Statehood: 1 May 1960 (Maharashtra Day)

Capitals: Mumbai & Nagpur

Districts: 36

Official Language: Marathi

Governor: C. Vidyasagar Rao

Chief Minister: Devendra Fadnavis


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