19 co-operative banks in India go insolvent during 2008-09

The Reserve Bank's credit insurance arm has paid over Rs 142 crore to depositors of 19 cooperative banks that have gone bankrupt in 2008-09.During 2007-08, as many as 22 cooperative banks closed operations.


The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI, pays a maximum of Rs 1 lakh per depositor in case a bank goes insolvent.

The following is the list of 19 co-operative banks that went bust and claims on which were settled by Deposit Insurance and Credit Guarantee Corporation Claims during 2008-09:

Among the 19 failed cooperative banks, the highest amount of Rs45.41 crore was paid to depositors of Co-operative Bank Ltd, Gonda, UP; followed by The Maratha Co-operative Bank Ltd, Hubli, Karnataka (Rs17.75 crore); Parivartan Co-operative Bank Ltd, Mumbai, Maharashtra (Rs16.71 crore); Ravi Co-op Bank Ltd, Kolhapur, Maharashtra (Rs16.23 crore) and Indira Priyadarshini Mahila Nagarik Sahakari Bank Ltd, Raipur, Chhattisgarh (Rs13.17 crore).

The following is the list of co-operative banks that went burst and claims on which were settled by Deposit Insurance and Credit Guarantee Corporation claims during 2008-09:


1) District Co-operative Bank Ltd, Gonda, Uttar Pradesh (Rs 4,541.12 lakh);

2) The Maratha Co-operative Bank Ltd, Hubli, Karnataka (Rs 1,774.72 lakh);

3) Parivartan Co-operative Bank Ltd, Mumbai, Maharashtra (Rs 1,671.06 lakh);

4) Ravi Co-op Bank Ltd, Kolhapur, Maharashtra (Rs 1,623.20 lakh);

5) Indira Priyadarshini Mahila Nagarik Sahakari Bank Ltd, Raipur, Chhattisgarh

(Rs 1317.17 lakh);

6) Bharuch Nagarik Sahakari Bank Ltd, Bharuch, Gujarat (Rs 715.12 lakh);

7) Shree Janta Sahakari Bank Ltd, Radhanpur, Gujarat (Rs 464.23 lakh);

8) Indian Co-operative Development Bank Ltd, Meerut, UP (Rs 372.58 lakh);

9) The Challakere Urban Co-operative Bank Ltd,(under liquidation), Challakere, Karnataka (Rs 322 lakh);

10) The Harugeri Urban Co-op Bank Ltd, Harugeri, Karnataka (Rs 317.50 lakh);

11) Varada Co-op Bank Ltd, Karjagi, Dist, Haveri, Karnataka (Rs 239.64 lakh);

12) Talod Janta Sahakari Bank Limited, Talode, Gujarat (Rs 234.86 lakh);

13) Kittur Rani Channamma Mahila Pattana Sahakari Bank Ltd, Hubli, Karnataka

(Rs 227.67 lakh);

14) Ichalkaranji Jiveshwar Sahakari Bank Ltd, Ichalkaranji, Maharashtra (Rs 98.22 lakh);

15) Sarvodaya Mahila Co-operative Bank Ltd, Burhanpur, MP (Rs 76.95 lakh);

16) Chetak Urban co-operative bank Ltd, Parbhani, Maharashtra (Rs 68.55 lakh);

17) Nagaon Urban Co-operative bank Ltd. Nagaon, Assam, (Rs 61.31 lakh);

18) The Dakor Mahila Nagrik Sahakari Bank Ltd, Gujarat (Rs 52 lakh);

19) Basavakalyan Pattana Sahakari Bank Niyamitha, Basaganj, Karnataka

(Rs 24.96 lakh);