Good News For Bank Customers, Govt Considering Raising Insurance Cover For Deposits
1 month, 1 week ago

Good News For Bank Customers, Govt Considering Raising Insurance Cover For Deposits

ABP News  

The insurance cover for bank deposits could be raised soon. The government is ‘actively considering’ increasing the insurance cover for bank deposits from the ceiling of Rs 5 lakh, M Nagaraju, Secretary, Department of Financial Services said this week. The threshold of Rs 5 lakh was fixed less than five years ago and now, authorities are considering hiking the limit in light of the recent developments in the New India Co-Operative Bank matter. RBI Cracks Down On New India Co-operative Bank The Reserve Bank of India imposed several restrictions on NICB’s businesses and decided to supersede its board for 12 months.

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History of this topic

It’s time for a complete overhaul of bank deposit insurance
1 month, 1 week ago

It’s time for a complete overhaul of bank deposit insurance

Live Mint  

The government is “actively considering" a hike in India’s deposit insurance limit beyond the current ₹5 lakh, according to M. Nagaraju, secretary, department of financial services. This comment, made soon after the Mumbai-based New India Cooperative Bank was placed under a moratorium by the Reserve Bank of India, rakes up the issue of deposit insurance again. It was last raised …

Gov looking at raising Deposit Insurance Cover
1 month, 1 week ago

Gov looking at raising Deposit Insurance Cover

Deccan Chronicle  

Mumbai: The government is actively considering raising the deposit insurance limit beyond the current Rs 5 lakh, M Nagaraju Department of Financial Services Secretary told reporters on Monday in the presence of Finance Minister Nirmala Sitharaman. The move come days after the Reserve Bank of India imposed restrictions on Mumbai-based New India Co-operative Bank and superseded its Board of Directors …

Govt considering raising deposit insurance limit above current ₹5 lakh: Official
1 month, 1 week ago

Govt considering raising deposit insurance limit above current ₹5 lakh: Official

Live Mint  

Mumbai, Feb 17 The government is "actively considering" raising the deposit insurance limit beyond the current ₹5 lakh, a top finance ministry official said on Monday. Days after the New India Co-operative Bank scam came to light, Department of Financial Services Secretary M Nagaraju announced that such a proposal is in the works. Economic Affairs Secretary Ajay Seth said the …

Good news for bank customers! Centre mulling over to increase DICGC insurance cover above ₹5 lakh
1 month, 1 week ago

Good news for bank customers! Centre mulling over to increase DICGC insurance cover above ₹5 lakh

Live Mint  

The Centre is mulling over increasing Deposit Insurance and Credit Guarantee Corporation insurance cover above ₹5 lakh for bank depositors, said the Department of Financial Services Secretary M Nagaraju on Monday. DICGC provides insurance cover up to ₹5 lakhs per depositor per bank. If a bank faces insolvency or bankruptcy, DICGC ensures that depositors are reimbursed up to the insured …

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh
Trending News
1 month, 1 week ago

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh

India TV News  

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh New India Co-operative Bank scam: Deposit insurance, as we know it today, was introduced in India in 1962. New India Co-operative Bank scam: Days after the Reserve Bank of India superseded New India Co-operative Bank's board and barred it from allowing customers to withdraw …

Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers
7 months, 2 weeks ago

Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers

The Hindu  

Reserve Bank of India Deputy Governor Michael Patra on Tuesday asked deposit insurers and other financial safety net participants to put in place frameworks to manage the failure of deposit-taking institutions and prevent potential contagion effects. “With the rapid digitisation of financial transactions, the crisis can propagate quickly requiring emergency liquidity assistance and pre-emptive interventions in troubled institutions,” said Mr. …

Do we need insurance for bank deposits? | The Hindu Parley podcast
3 years, 3 months ago

Do we need insurance for bank deposits? | The Hindu Parley podcast

The Hindu  

At an event last week to mark the payment of over ₹1,300 crore to depositors in troubled cooperative banks, Prime Minister Narendra Modi flaunted his government’s revamped deposit insurance scheme. The scheme, which was upgraded through the Deposit Insurance and Credit Guarantee Corporation Amendment Bill, 2021, guarantees to compensate depositors up to a limit of ₹5 lakh within a period …

PM Modi Addresses Bank Deposit Insurance Programme, Says ‘New India Focuses On Resolving Problems’
3 years, 3 months ago

PM Modi Addresses Bank Deposit Insurance Programme, Says ‘New India Focuses On Resolving Problems’

ABP News  

New Delhi: Prime Minister Narendra Modi on Sunday addressed depositors in a bank deposit insurance event titled “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs. He further stated that “when I was CM, I repeatedly requested Centre to increase bank deposit insurance cover to Rs 5 lakhs from Rs 1 lakh but to no avail. Addressing the gathering, …

Narendra Modi to address bank deposit insurance programme today
3 years, 3 months ago

Narendra Modi to address bank deposit insurance programme today

Firstpost  

As per an official statement from Prime Minsiter’s Office, Union Finance Minister Nirmala Sitharaman, MoS Finance and RBI Governor will also be present on the occasion New Delhi: Prime Minister Narendra Modi will address the function on ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh’ on Sunday at noon in Vigyan Bhawan, Delhi. As per an …

Stressed PMC Bank customers not to get Rs 5 lakh deposit cover in first lot | Details inside
3 years, 4 months ago

Stressed PMC Bank customers not to get Rs 5 lakh deposit cover in first lot | Details inside

India TV News  

Customers of stressed Punjab & Maharashtra Co-Operative Bank will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation in the first lot will pay customers of 20 stressed banks except PMC Bank. It is to be noted that RBI had …

What deposit cover overhaul means for you
3 years, 5 months ago

What deposit cover overhaul means for you

The Hindu  

As interest rates have plunged to new lows in the last couple of years, depositors seeking regular income have been caught between a rock and a hard place. Seeking higher rates with new private sector banks, cooperative banks or less-known NBFCs means exposing their principal to risks, with defaults by Dewan Housing Finance and RBI restrictions on depositors of PMC …

DICGC asks 21 stressed cooperative banks to prepare list of account holders
3 years, 6 months ago

DICGC asks 21 stressed cooperative banks to prepare list of account holders

Firstpost  

DICGC has also asked the banks to circulate consent forms to account holders for accessing funds up to Rs 5 lakh as per the amended law within 90 days Mumbai: The Reserve Bank of India’s subsidiary DICGC has asked nearly two dozen stressed cooperative banks including PMC Bank to prepare a list of account holders eligible to receive Rs 5 …

Depositors of THESE banks to get up to Rs 5 lakh back
3 years, 6 months ago

Depositors of THESE banks to get up to Rs 5 lakh back

India TV News  

Depositors of some stressed banks including Punjab and Maharashtra Cooperative Bank will get up to Rs 5 lakh back from Novembr 30, according to a government notification. Earlier this year, the Parliament had passed the Deposit Insurance and Credit Guarantee Corporation Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing …

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors
3 years, 7 months ago

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors

ABP News  

New Delhi: If you are worried about your money in troubled banks, then here’s some relief! The Union Cabinet on Wednesday cleared amendments to the Deposit Insurance and Credit Guarantee Corporation Act, which will allow account holders to access up to Rs5 lakh deposits within 90 days of a bank coming under moratorium. "Deposit Insurance Credit Guarantee Corporation was created …

Bank depositors to get Rs 5 Lakh insurance within 90 days in case of moratorium: FM
3 years, 7 months ago

Bank depositors to get Rs 5 Lakh insurance within 90 days in case of moratorium: FM

India TV News  

Bank depositors to get Rs 5 Lakh insurance within 90 days in case of moratorium: FM The Cabinet on Wednesday approved amendment to DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of bank failure. The Union Cabinet on Wednesday approved amendment to DICGC Act to provide account holders access to up …

RBI Doubles Payments Bank Balance Limit To Rs 2 Lakh. Know What It Means For Customers
3 years, 11 months ago

RBI Doubles Payments Bank Balance Limit To Rs 2 Lakh. Know What It Means For Customers

ABP News  

In major push to payments banks, the Reserve Bank of India went ahead and raised the maximum balance at the end of the day to Rs 2 lakh per customer soon after the governor Shaktikanta Das announced the decision to enhance the limit. The decision to increase the limit of maximum balance at the end of the day from Rs …

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments
5 years, 1 month ago

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments

Firstpost  

The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the RBI. New Delhi: In order to protect the interest of depositors, the Union Cabinet on Wednesday approved an amendment to Banking Regulation Act to strengthen cooperative banks and …

Insurance cover on bank deposits raised to Rs 5 lakh effective today; move to help boost confidence of people in banking system
5 years, 1 month ago

Insurance cover on bank deposits raised to Rs 5 lakh effective today; move to help boost confidence of people in banking system

Firstpost  

This, the RBI said, has been done with a view to providing a greater measure of protection to depositors. New Delhi: Insurance cover on bank deposits has been increased to Rs 5 lakh from Rs 1 lakh effective Tuesday, the Reserve Bank of India said in a statement. On Saturday, Finance Minister Nirmala Sitharaman had made the announcement regarding increasing …

Good News! RBI hikes insurance cover on bank deposits to Rs 5 Lakh
5 years, 1 month ago

Good News! RBI hikes insurance cover on bank deposits to Rs 5 Lakh

India TV News  

Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the Reserve Bank of India said. On Saturday, Finance Minister Nirmala Sitharaman had announced the increase of insurance cover to Rs 5 lakh in her Budget Speech. As the insurance cover stands increased, the banks will pay …

Relief for customers as RBI hikes insurance on bank deposits to Rs 5 lakh
5 years, 1 month ago

Relief for customers as RBI hikes insurance on bank deposits to Rs 5 lakh

India Today  

Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the Reserve Bank of India said. On Saturday, Finance Minister Nirmala Sitharaman had announced the increase of insurance cover to Rs 5 lakh in her Budget Speech. As the insurance cover stands increased, the banks will pay …

Budget 2020 | Deposit insurance cover raised to ₹5 lakh
5 years, 1 month ago

Budget 2020 | Deposit insurance cover raised to ₹5 lakh

The Hindu  

The government has decided to increase the insurance cover for bank deposits to ₹5 lakh from ₹1 lakh, Finance Minister Nirmala Sitharaman said in her Budget speech. “The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase Deposit Insurance Coverage for a depositor, which is now ₹1 lakh to ₹5 lakh per depositor,” she said. “Raising deposit insurance …

PMC Effect: Deposit insurance raised to Rs 5 lakh
5 years, 1 month ago

PMC Effect: Deposit insurance raised to Rs 5 lakh

India TV News  

In a major relief to the common man, the Finance Minister on Saturday announced to raise the insurance cover on bank deposits to Rs 5 lakh from the current Rs 1 lakh. As per the guidelines of the Reserve Bank of India, deposits with all commercial banks and cooperative banks are insured under the Deposit Insurance and Credit Guarantee Corporation. …

Budget 2020: BIG relief for bank depositors! Insurance cover hiked from ₹ 1 lakh to ₹ 5 lakh, says Sitharaman
5 years, 1 month ago

Budget 2020: BIG relief for bank depositors! Insurance cover hiked from ₹ 1 lakh to ₹ 5 lakh, says Sitharaman

India TV News  

Bank deposit insurance cover hiked: Finance Minister Nirmala Sitharaman on February 1, 2020, announced a hike in insurance cover for bank depositors and said depositors' money is absolutely safe. Deposit Insurance and Credit Guarantee Corporation, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. At present, bank depositors get an insurance cover of Rs …

Budget 2020: Bank deposit insurance hiked to Rs 5 lakh per depositor
5 years, 1 month ago

Budget 2020: Bank deposit insurance hiked to Rs 5 lakh per depositor

India Today  

The Deposit Insurance and Credit Guarantee Corporation has been allowed to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh, Finance Minister Nirmala Sitharaman said Saturday in her budget speech. A robust mechanism is in place to monitor the health of all scheduled commercial banks, Nirmala Sitharaman said. Depositors are currently "insured upto a maximum …

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says
5 years, 3 months ago

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says

India TV News  

Having more than Rs 1 lakh in a bank account? After Reserve Bank of India put restrictions on PMC Bank depositors, “Is my money safe with banks?, “Is keeping money in the bank in savings/deposit account akin to lending to a bank? "Under the provisions of Section 16 of the DICGC Act, 1961, if a bank fails/gets liquidated, the DICGC …

PMC Bank scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh
5 years, 4 months ago

PMC Bank scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh

Firstpost  

The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh Mumbai: The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh. The demand for …

Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman
5 years, 4 months ago

Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Firstpost  

Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks New Delhi: Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state …

HDFC Bank allays concerns of depositors after ‘stamped’ passbook image goes viral on social media
5 years, 5 months ago

HDFC Bank allays concerns of depositors after ‘stamped’ passbook image goes viral on social media

Firstpost  

After the image started circulating on social media, HDFC Bank spokesperson has clarified that this is part of the mandatory RBI guidelines. An image circulating on social media of an HDFC Bank passbook carrying a stamp explaining the limited assurance given by deposit insurance scheme to the depositor in the event of a bank failure has caused panic among a …

HDFC Customers Attention! Bank clarifies on viral passbook pic with insurance deposit stamp
5 years, 5 months ago

HDFC Customers Attention! Bank clarifies on viral passbook pic with insurance deposit stamp

India TV News  

A passbook picture of HDFC Bank, India one of the largest private sector bank, bearing a stamp of deposit insurance cover being circulated on social media. This HDFC Bank passbook has created concern within the depositors as it informs customers that deposits only up to ₹1 lakh is insured by the Deposit Insurance and Credit Guarantee Corporation. Bank clarifies on …

HDFC Bank issues clarification with regards to rumours about the ‘Deposit Insurance Cover’
5 years, 5 months ago

HDFC Bank issues clarification with regards to rumours about the ‘Deposit Insurance Cover’

Op India  

With reference to an image of a passbook being circulated on social media, leading private sector bank HDFC has issued a clarification that appears to have sent some of its customers in a tizzy. An HDFC passbook image with details of the bank’s ‘Deposit Insurance Cover’ printed saying that deposits in the bank up to Rs 1 lakh is insured …

PMC crisis shows depositors are sitting ducks if their bank goes bust; why shouldn’t savers get cover for full amount?
5 years, 5 months ago

PMC crisis shows depositors are sitting ducks if their bank goes bust; why shouldn’t savers get cover for full amount?

Firstpost  

The deposit insurance guarantee scheme was set up in 1961 to ensure depositors are guaranteed at least some amount in the event of a bank collapse What happens if a bank goes bust in India? The other escape route is deposit insurance scheme provided by Deposit Insurance and Credit Guarantee Corporation, which will pay Rs one lakh per bank account …

PMC Bank scam: Time to massively increase deposit insurance limit from present Rs 1 lakh, says SBI research report
5 years, 5 months ago

PMC Bank scam: Time to massively increase deposit insurance limit from present Rs 1 lakh, says SBI research report

Firstpost  

Mumbai: The Punjab & Maharashtra Cooperative Bank scam points to the urgent need to massively increase the depositor insurance cover from the present Rs 1 lakh, says a report. Last month, the Reserve Bank had imposed a slew of restrictions on the urban cooperative bank PMC for six months, after finding serious irregularities, including hiding of bad loans to bankrupt …

FRDI Bill is not going to hike the risk to your deposits
7 years, 3 months ago

FRDI Bill is not going to hike the risk to your deposits

Live Mint  

When you move a system from personality-based solutions to rule of law, there is a painful period of readjustment of the old way of doing things to the new. It wants to put in place rules of the game so that financial firms can fail in an orderly manner and it provides for insuring your bank deposits. Globally, governments have …

Deposit insurance a 'solution for failing banks'
9 years, 11 months ago

Deposit insurance a 'solution for failing banks'

China Daily  

The deposit insurance system that is set to start on May 1 will offer a market-based solution for banks that fail in an increasingly complex business environment, said economists and bankers. The banking sector urgently needs a market-based exit mechanism, which means it's an opportune time to launch the deposit insurance system," Zhou said. The deposit insurance system will have …

Deposit insurance to improve competition
10 years, 3 months ago

Deposit insurance to improve competition

China Daily  

China will introduce a deposit insurance system to protect depositors and promote fair competition among large and small banks, said the central bank. "The deposit insurance system will strengthen the protection of depositors, effectively stabilize their market expectations and increase public confidence in the banking system," Huang said. Zong Liang, deputy director of the Institute of International Finance under the …

Deposit frauds: Govt proposes insurance cover, hefty penalties
11 years, 5 months ago

Deposit frauds: Govt proposes insurance cover, hefty penalties

India TV News  

NEW DELHI: To safeguard investors from fraudulent money-collection schemes, the government today proposed mandatory insurance cover for public deposits garnered by companies and hefty penalty of up to 18 per cent annual interest for defaulters. The premium of the deposit insurance cover would need to be paid by companies themselves and a penalty at an annualised interest rate of 15 …

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