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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
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