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When it comes to quantity, the full insured deposits (Rs 76.2 lakh crore) as at end-March 2021 constituted 50.9 per cent (up from about 30 per cent below Rs 1 lakh cowl) of the full assessable deposits (Rs 149.7 lakh crore) as towards the worldwide benchmark of 20-30 per cent, acknowledged the survey.
The deposit insurance coverage premium is obligatory for all insured banks and is paid by banks to DICGC and isn’t recovered from the depositors.
The deposit insurance coverage protection that started with Rs 1500 in 1961 has been raised step by step to Rs 1 lakh in 1993 however had been static thereafter until 2020. After the announcement within the Union finances 2020-21, the deposit insurance coverage cowl was elevated from `1 lakh to Rs 5 lakh per depositor per financial institution.
The most important share of protection is for RRBs at 84% whereas for international banks it’s 9% of insured deposits. For cooperative banks it’s 70%. SBI has 59% of the deposits insured whereas public sector banks have 55% of the deposits insured. The determine is 40% for personal banks.
A cumulative quantity of Rs 5,763 crores has been paid in direction of claims because the inception of deposit insurance coverage (Rs 296 crore in respect of 27 industrial banks and Rs 5,467 crores in respect of 365 co-operative banks), the survey mentioned.
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