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Maharashtra Government to Enact a Law to Protect Deposits in Cooperative Banks
August 31, 2017
The government of Maharashtra is working on a new law to protect the individuals who have deposits up to Rs. 1 lakhs in the urban cooperative banks (UCBs).
Cooperation Minister Subhash Deshmukh said that since most of the UCBs have small deposits, the customers who have savings in these banks are greatly affected when the banks’ financial condition deteriorates.
He said that the state is working on a new law that will protect deposits up to Rs. 1 lakhs with some legislation.
