........But a deposit insurance scheme endorsed by Reserve Bank of India has ensured a limited compensation to those who lost their money. But only urban cooperative banks, district cooperative banks and State cooperative banks come under the existing scheme. It is in this context that the Kerala State Department of Cooperation has introduced a credit guarantee scheme for deposits in the primary agricultural credit societies functioning under the cooperative sector across the State. The primary societies do not come under the Banking Regulation Act and hence the credit guarantee scheme being operated under RBI guidance has not been applicable to them............
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