Deposit insurance liability: successor co operative banks must reimburse the Deposit Insurance Corporation after insured bank amalgamation. When a co operative bank that is an insured bank is amalgamated or reorganised and the Deposit Insurance Corporation pays the insured bank's depositors, ... Summary
Deposit insurance liability: successor co operative banks must reimburse the Deposit Insurance Corporation after insured bank amalgamation.
When a co operative bank that is an insured bank is amalgamated or reorganised and the Deposit Insurance Corporation pays the insured bank's depositors, the successor or transferee bank is obliged to reimburse the Corporation in the circumstances, to the extent and in the manner specified by the Corporation's recovery provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.