The Reserve Bank of India and its subsidiary Deposit Insurance & Credit Guarantee Corporation (DICGC) have initiated formalities for the release of Rs 464 crore towards repaying the deposits of up to Rs 1 lakh to depositors of Madhavpura Mercantile Cooperative Bank (MMCB), according to Amit Shah, MLA and chairman of Ahmedabad District Cooperative Bank (ADCB).
Shah, who as the representative of MMCB revival committee, attended the follow-up meeting held in Mumbai on Tuesday, said the revival package cleared by the Centre and the Gujarat government on June 20, was accepted in toto without any alterations or queries.
The RBI, DICGC and the cooperative departments of the Central and the state governments also granted the administrative approval for its immediate implementation, he said.
"So the depositors having deposits of up to Rs 1 lakh with MMCB will definitely be repayed their deposits within 20-25 days," he said.
