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of <h1>Co-op banks must repay Deposit Insurance Corporation if reorganized or merged, as per Section 21 of the 1961 Act.</h1> A cooperative bank that is insured under the Deposit Insurance and Credit Guarantee Corporation Act, 1961, must repay the Deposit Insurance Corporation if it is amalgamated or reorganized and the Corporation becomes liable to pay depositors. This obligation applies to the bank with which the insured bank is amalgamated, the new cooperative bank formed, or the transferee bank. The repayment must occur under the circumstances, to the extent, and in the manner specified in section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, regardless of other provisions in the Multi-State Co-Operative Societies Act, 2002.
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