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A number of steps are being taken by the Government to protect the interests of the investors/account holders in the bank. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha. The Minister further stated that the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly- owned subsidiary of the Reserve Bank of India (RBI), provides insurance for bank deposits: DICGC insures all deposits such as sa
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FAQ :
The government is ensuring protection through the Deposit Insurance and Credit Guarantee Corporation (DICGC), which insures bank deposits.
DICGC insures all deposits, including savings, fixed, current, and recurring accounts, along with any accrued interest.
The deposit insurance limit has been raised to ₹5 lakh per depositor, effective from February 4, 2020.
As of March 2022, approximately 97.9% of total accounts were fully protected by the deposit insurance cover.
If a bank faces restrictions, DICGC is liable to make interim payments to depositors up to the ₹5 lakh insurance cover within 90 days.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India (RBI), provides deposit insurance.
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