The Maharashtra state cooperation department has announced plans to implement deposit insurance for cooperative credit societies, aimed at safeguarding depositors' financial interests. This initiative will cover 19,948 societies that collectively hold deposits exceeding ₹90,500 crore (approximately $11 billion USD). The decision follows increasing concerns regarding the liquidation of societies and instances of deposit losses due to fraud. Insurance companies will be invited to provide deposit insurance, charging a premium from the societies in return for coverage. Cooperation commissioner Deepak Taware highlighted that this model is similar to deposit insurance systems in countries like the United States and will be regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The previous proposal for a government-managed corpus faced opposition from financially sound societies, leading to its non-implementation. This new initiative is expected to offer better terms and integrate credit societies into the broader insurance framework, allowing insurers to provide additional financial products.