Deposit Insurance & Credit ... vs Ragupathi Ragavan & Ors

The Supreme Court addressed the appeal concerning the Deposit Insurance and Credit Guarantee Corporation's obligations under the Deposit Insurance and Credit Guarantee Corporation Act, 1961, particularly Sections 3(1) and 16. The Court held that the Corporation is mandated to insure deposits and guarantee repayment to depositors in case of a bank's financial difficulties, as exemplified by the liquidation of Theni Cooperative Urban Bank Ltd. The Court affirmed the Corporation's actions in settling claims as per statutory provisions, thereby upholding the protective framework for depositors.