Deposit Insurance and Credit Guarantee Corporation (DICGC) has requested all banks to prominently display its brand and QR code on their websites and web banking portals by August 31 with a view to create consciousness in regards to the deposit insurance coverage scheme. Deposits up to Rs 5 lakh in banks are insured by the DICGC. The scheme covers deposits in business banks, native space banks (LABs), funds banks (PBs), small finance banks (SFBs), regional rural banks (RRBs), and co-operative banks.
In a round, the Reserve Bank’s subsidiary stated deposit insurance coverage performs an vital function in defending particularly the small depositors, instill confidence within the banking system and preserve monetary stability. “With a view to enhance the awareness about deposit insurance in a focused and sustained manner and in consultation with the RBI, it has been decided that all banks registered with DICGC shall henceforth display the logo of DICGC and QR code linked to the DICGC website prominently on their website and internet banking portal,” it stated.
The display of brand and QR code, it added, will allow clients to simply establish banks coated by the deposit insurance coverage scheme of DICGC and facilitate well timed entry to data on deposit insurance coverage. All insured banks have been requested to guarantee compliance to the necessities with impact from September 01, 2023. The variety of registered insured banks as on March 31, 2023 stood at 2,027, comprising 140 business banks. These embrace, 43 RRBs, two LABs, six PBs and 12 SFBs and 1,887 co-operative banks.
According to the RBI, with the present restrict of deposit insurance coverage in India at Rs 5 lakh per depositor of a financial institution, the variety of absolutely protected accounts (294.5 crore) as on March 31, 2023 constituted 98.1 % of the whole variety of accounts (300.1 crore). In phrases of quantity, the whole insured deposits of Rs 83,89,470 crore as on March 31, 2023 constituted 46.3 per cent of assessable deposits of Rs 1,81,14,550 crore. At the present stage, insurance coverage cowl can be 2.91 instances of per capita revenue in 2022-23.
During 2022-23, the DICGC sanctioned supplementary claims of 11 liquidated banks aggregating Rs 105.8 crore. Besides, throughout 2022-23, it additionally settled claims in respect of 28 banks underneath ‘All Inclusive Directions (AIDs)’ of RBI Rs 646.8 crore. The dimension of the Deposit Insurance Fund (DIF) stood at Rs 1,69,263 crore as on March 31, 2023.
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