We are having an account with Bally Cooperative Bank in Howrah,West Bengal. However, due to mismanagement & politically granted loans and consequent non recovery, the bank is closed now and RBI on a case to case basis grants a small % of deposits on medical ground etc. But there is Deposit Insurance & Credit Guarantee Corporation, 100% subsidiary of RBI. What is the procedure to be complied with by poor depositors having deposit less than Rs.1 Lakh. There is political vested interest groups. Kindly advise.
Thanks in advance.
Regards,
Jayanta
