Amendment status not verified — confirm the current text below against the official source.
(i) All types of deposits of any duration in Primary Agricultural Credit Societies except Chitty deposits and staff security deposits shall be covered by the scheme. (ii) The interest on deposits paid by the Primary Agricultural Credit Societies shall be at the rates as prescribed by the Registrar of Co-operative Societies. (iii) The corpus of the fund in the District Co-operative Bank shall be operated by the General Manager of the District Co-operative Bank. (iv) If any society covered by the scheme is unable to make payments due to embezzlement, theft, fire or such other similar causes, the depositor shall be free to approach the District Co-operative Bank and the District Co-operative Bank shall place the claim before the District Level Committee for its settlement within a month from the date of such claim. (v) It shall be the responsibility of the District Co-operative Bank to scrutinise and verify the claim with regard to its correctness and satisfy itself of the amount payable in each cases. (vi) The District Level Committee shall after due consideration, sanction the claim within a period of 2 months from the date of such claim, which period may be extended by one more month if necessary. (vii) The District Co-operative Bank shall have the power to take action against the Primary Agricultural Credit Society for the recovery of the amount paid to any depositor in violation of the rules in respect of invoking the guarantee; or in excess of the contribution made to the fund by the concerned society with interest thereon at such rate as may be decided by the District Level Committee from the Primary Agricultural Credit Societies. (viii) The payment towards the claims shall be made only out of the fund. If the amount required to be paid exceeds the amount available in the fund, the District Co-operative Bank concerned shall make advance, to the fund from its own funds. The advances, if any, so made shall subsequently be recouped by the District Co-operative Bank from the fund as and when it is having sufficient fund in the credit. (ix) The District Co-operative Banks and Primary Agricultural Credit Societies under the Scheme shall maintain such records and furnish such returns as maybe prescribed by the Registrar of Co-operative Societies from time to time.