Page 10 - Bank Deposits

Hike in deposit insurance cover will not hit banks' balance-sheets: RBI

The Reserve Bank does not see any major impact on the balance-sheets of banks due to the five-fold hike in deposit insurance to Rs 5 lakh. Following the failure of a number of cooperative banks, with the city-based PMC Bank being the latest and the largest last year, the budget allowed the Deposit Insurance and Credit Guarantee Corporation (DICGC) to raise deposit insurance coverage to Rs 5 lakh from Rs 1 lakh. "The premium is something, which we consider, will increase from 10 paise to 12 paisa per Rs 100 for the time being. So, the impact on banks' balance sheets is not likely to be much," RBI Deputy Governor B P Kanungo told reporters during the post-policy presser. The hike in deposit insurance coverage has been a long pending demand from bank depositors and it recently came to fore after the crisis at Punjab & Maharashtra Cooperative (PMC) Bank. It can be noted that in 2019 alone more than 30 cooperative banks went belly up in Maharashtra alone. The DICGC, a wholly-owned ...

Enhanced insurance cover of Rs 5 lakh on bank deposits from Tuesday: RBI

The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI

Banks credit grows by 7.21%, deposits by 9.51%: RBI data

Non-food bank credit growth decelerated to 7 per cent in December 2019 from 12.8 per cent in December 2018

It's not the right stage to put differential premium on banks: Finance Secy

Finance minister had announced hiking the deposit insurance limit to Rs 5 lakh for each bank depositor

Budget 2020: Insurance cover for bank depositors to be raised to Rs 5 lakh

Finance Minister Nirmala Sitharaman on Saturday said the government has permitted DICGC to raise deposit insurance coverage by five times to Rs 5 lakh. Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. Deposit insurance coverage will be enhanced from Rs 1 lakh to 5 lakh per depositor, the Finance Minister said her Budget speech in Lok Sabha. At present, the DICGC provides Rs 1 lakh insurance to a depositor regardless of deposit in case the lender fails or liquidated.

Have money in inactive bank accounts? Here's how you can claim them back

Ideally, you have only three accounts. One for salary and other two for investment and expenses

DHFL depositors get no HC push in Rs 84-cr recovery, to try again on Nov 28

The UP Power Corporation Contributory Provident Fund Trust also has an intervenor application, seeking release of Rs 4,100 crore

Beyond deposit insurance

Mechanism should be economically viable

Insurance cover on bank deposits to be raised from Rs 1 lakh: FM Sitharaman

On the telecom sector, the minister said the Centre wanted all companies to flourish and be able to grow their businesses in India

Assurances, merger & correct information: What PMC depositors want from RBI

The crisis began after an alleged Rs 4,355-crore scam came to light and the RBI capped withdrawals at Rs 1,000 per customer from September 24

Banks' loans rise 8.8% in two weeks to October 11; deposits climb 9.8%

Non-food credit climbed Rs 214.40 billion to Rs 97.28 trillion, while food credit rose Rs 2.05 billion to Rs 602.90 billion

RBI's subsidiary DICGC to revamp 50-year-old deposit insurance scheme

Deposit insurance was last revised on May 1, 1993, after the collapse of the Bank of Karad

No amnesty for bank deposits linked to money laundering: CBDT

Under 'Operation Clean Money' where 18 lakh people were contacted by the taxman