AI SummaryMaharashtra government launched Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme to protect deposits of up to Rs 1 lakh in cooperative credit societies. Under this scheme, the state government safeguards fixed deposits of middle and lower-middle-class depositors in various rural credit societies. The scheme follows the lines of similar protection offered to depositors of commercial banks.
Cooperation Minister Babasaheb Patil has been pushing the rollout of this deposit protection scheme for cooperative credit societies. The scheme provides deposit protection up to Rs 1 lakh. Former CM Devendra Fadnavis launched it on 25 September 2018 as this was a long-term demand of credit societies. It follows the lines of Reserve Bank of India's scheme for urban cooperative banks.
Pt. Deendayal Upadhyay Credit Society Deposit Protection Scheme
The important features and highlights of this Pt. Deendayal Upadhyay Credit Society Deposit Protection Scheme are as follows:-
- This scheme will protect deposits of up to Rs 1 lakh in cooperative credit societies in the state of Maharashtra.
- There are around 19,948 cooperative credit societies in the state with total deposits amounting to about Rs 90,500 crore. This scheme will provide additional protection to these deposits.
- Fixed deposits of middle and lower middle class depositors will be safeguarded in these rural credit societies.
- If any society faces financial crisis or goes into moratorium period, then the depositors will still get their money back up to Rs 1 lakh.
- Credit societies were demanding this protection for a long time which was started by former CM Devendra Fadnavis on 25 September 2018. Similar protection is already available for deposits of up to Rs 5 lakh in banks.
This type of protection is given to urban cooperative banks by RBI's Deposit Insurance and Credit Guarantee Corporation. This scheme of the state government will remain applicable to urban, rural (non-agricultural), women and salaried cooperative credit societies.
Credit societies function as micro-finance institutions and serve lower middle class, small shop owners and labourers, who fall in lower-income groups. The state government will invite application forms from credit societies to participate in the Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme.
Latest Update on the Scheme in 2026
The Maharashtra government is now working to give this deposit protection a proper insurance cover. Cooperation Minister Babasaheb Patil said in March 2026 that the state has about 19,948 cooperative credit societies with deposits of around Rs 90,500 crore. To keep these deposits safe, the state government has created a Stabilization and Liquidity Support Fund, which was approved on 1 January 2024.
As per the latest plan, cooperative credit societies that join this scheme will get insurance benefits from 1 April 2026. The government has also started the process of hiring an insurance company for this purpose. An Expression of Interest (EOI) for hiring the services of an insurance company was issued on the official website of the Cooperation Department, with the last date to apply being 20 April 2026.
Under the funding model, cooperative credit societies will contribute 0.1% of their profits to a protection fund, and the state government will add an initial amount of Rs 100 crore. This fund will be used to compensate depositors in case a society goes into liquidation. The scheme is modeled on a similar arrangement in Kerala.
Highlights of the Scheme
| Detail | Information |
|---|---|
| Scheme Name | Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme |
| Launched By | Former CM Devendra Fadnavis |
| Launch Date | 25 September 2018 |
| Beneficiaries | Depositors of cooperative credit societies |
| Benefit Amount | Deposit protection up to Rs 1 lakh |
| Official Website | mahasahakar.maharashtra.gov.in |
FAQ's
What is the Pandit Deendayal Upadhyay Credit Society Deposit Protection Scheme?
It is a Maharashtra government scheme that protects deposits of up to Rs 1 lakh in cooperative credit societies. If a society faces a financial crisis or goes into liquidation, depositors get their money back up to this limit.
Who launched this scheme?
Former CM Devendra Fadnavis launched the scheme on 25 September 2018. It was a long-standing demand of cooperative credit societies in the state.
How is the scheme being implemented in 2026?
The government is giving the deposit protection an insurance cover. Credit societies that join the scheme will get insurance benefits from 1 April 2026, and the government has started the process of hiring an insurance company for this purpose.
Where can I get more details about the scheme?
More details are available on the official website of the Department of Cooperation, Marketing and Textiles, Maharashtra at mahasahakar.maharashtra.gov.in. You can also check the Maharashtra government schemes list for related schemes.
मे इस योजना का सह भागी बनना चाहता हूं
मुझे इस योजना का लाभ चाहिए मे लावारिस हूं