Depositors of THESE banks to get up to Rs 5 lakh back
3 years, 4 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 moratorium on the banks. The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation. In exercise of the powers conferred by sub-section of section 1 of the Deposit Insurance and Credit Guarantee Corporation Act, 2021, the Central Government hereby appoints the 1st day of September, 2021, as the date on which the provisions of the said Act shall come into force," it said.

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History of this topic

PSU banks to cross ₹1.5 lakh cr profit in FY’25, low deposit mobilisation concern
1 week, 6 days ago

PSU banks to cross ₹1.5 lakh cr profit in FY’25, low deposit mobilisation concern

Live Mint  

New Delhi, Dec 27 Low NPAs and double-digit credit growth are expected to drive profits of public sector banks past the ₹1.5 lakh crore milestone in 2024-25. Public lenders recorded their highest-ever aggregate net profit of ₹1.41 lakh crore in 2023-24 on the back of significant improvement in asset quality, credit growth, healthy capital adequacy ratio and rising return on …

DICGC Launches Online Tool to Track Deposit Claims
4 months ago

DICGC Launches Online Tool to Track Deposit Claims

Deccan Chronicle  

Mumbai: Now you can track the status of your deposit claims online. Government owned corporation that insures deposits in commercial and co-operative banks has launched an online tool Daava Soochak for depositors to track their claim status. "Depositors can now track the status of their claims by entering their mobile number on the DICGC website," said the Deposit Insurance and …

As Deposit Growth Slows, Banks Innovate with Alternative Funding: RBI
4 months, 2 weeks ago

As Deposit Growth Slows, Banks Innovate with Alternative Funding: RBI

News 18  

Banks are tapping alternative sources like commercial paper and certificates of deposit as deposit growth lags credit growth, RBI August Bulletin said on Monday. This increase amid deposit growth lagging credit expansion prompted banks to rely on alternative funding sources, as per the RBI article. While unveiling bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das expressed concern over household savings …

Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers
4 months, 3 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. …

Time to rejig your fixed deposit (FD) investment. What experts say
1 year, 9 months ago

Time to rejig your fixed deposit (FD) investment. What experts say

Live Mint  

The Reserve Bank of India has decided to halt interest rate hikes, signaling that the interest rate cycle may have reached its peak. Amit Gupta, MD, SAG Infotech said that for fixed-income investors, who were struggling with historically low interest rates only a year ago, are now looking forward to the advantages of previous significant increases in the repo rate, …

Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh
1 year, 11 months ago

Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh

Hindustan Times  

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to ₹30 lakh and Monthly Income Account Scheme to ₹9 lakh. Budget 2023: Govt doubles deposit limit for Senior Citizen Savings Scheme to ₹ 30 lakh. Read here: Budget 2023 brings special scheme for vulnerable tribal groups | Details "The maximum deposit limit …

Budget 2023-2024: From revised tax slabs to savings scheme for women, Nirmala Sitharaman’s biggest announcements
1 year, 11 months ago

Budget 2023-2024: From revised tax slabs to savings scheme for women, Nirmala Sitharaman’s biggest announcements

Firstpost  

The last full Budget of the second term of the BJP-led NDA government saw the deposit limit for the Senior Citizens’ Savings Scheme raised from Rs 15 lakh to Rs 30 lakh, the highest-ever allocation for Indian Railways and the announcement of a next-generation common I-T form The 2023-2024 Budget has been announced – and with it some big announcements …

PM Modi Addresses Bank Deposit Insurance Programme, Says ‘New India Focuses On Resolving Problems’
3 years 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 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, 2 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 …

DICGC asks 21 stressed cooperative banks to prepare list of account holders
3 years, 3 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 …

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors
3 years, 5 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 …

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations
3 years, 5 months ago

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The contravention of/ non-compliance with the directions has been revealed by — the examination of the Risk Assessment Reports pertaining to ISE 2017, ISE 2018 …

RBI Doubles Payments Bank Balance Limit To Rs 2 Lakh. Know What It Means For Customers
3 years, 9 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 …

Engaging With RBI on Privatisation of Govt-Run Banks in Big Way, Can't Have Laggards: Nirmala Sitharaman
3 years, 11 months ago

Engaging With RBI on Privatisation of Govt-Run Banks in Big Way, Can't Have Laggards: Nirmala Sitharaman

News 18  

Finance minister Nirmala Sitharaman on Monday told the News18 Network that the government had engaged with the Reserve Bank of India in a “big way” as she outlined a timeline for meeting divestment targets set in her Budget 2021 speech. Speaking to News18 Network’s Editor-in-Chief Rahul Joshi, the finance minister said that the country needs efficient banks for the economy …

Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction
4 years, 2 months ago

Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction

News 18  

Fraud-hit Punjab and Maharashtra Cooperative Bank on Tuesday invited expression of interest from potential investors for investment or equity participation in the bank for its reconstruction. Objective of the process of invitation of EoI is to identify a suitable equity investor/group of investors willing to take over management control to revive the bank and commence regular day-to-day operations, PMC Bank …

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC
4 years, 4 months ago

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC

News 18  

The Reserve Bank of India on Friday told the Delhi High Court that presently it would not be possible to raise the withdrawal limit of Rs one lakh imposed on scam-hit Punjab and Maharashtra Cooperative Bank Ltd due to its lack of liquidity. RBI has told the high court that against a total deposit liability of approximately Rs 10,000 crore …

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI
4 years, 5 months ago

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI

Live Mint  

New Delhi: The Delhi High Court Tuesday asked the Centre and the RBI to respond to a plea seeking release of up to ₹5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic. Misra, in the application filed through advocate Shashank Deo Sudhi, has said the …

PMC Bank: RBI extends restrictions for 6 months; withdrawal limit now ₹1 lakh
4 years, 6 months ago

PMC Bank: RBI extends restrictions for 6 months; withdrawal limit now ₹1 lakh

Live Mint  

The Reserve Bank of India on Friday extended restrictions on the beleaguered Punjab and Maharashtra Co-operative Bank for another six months to 22 December, 2020. However, RBI has enhanced the withdrawal limit for the bank's depositors to ₹1 lakh from the existing ₹50,000. "Further, the extent of the negative net worth of the bank, and the legal processes involved in …

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments
4 years, 11 months 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
4 years, 11 months 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
4 years, 11 months 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
4 years, 11 months 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
4 years, 11 months 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
4 years, 11 months 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
4 years, 11 months 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
4 years, 11 months 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, 1 month 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: Distressed depositors hold day-long protest at RBI office in Delhi
5 years, 1 month ago

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi

Firstpost  

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest New Delhi: Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest. Delhi resident Rajinder Singh, who says …

PMC Bank scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh
5 years, 1 month 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 …

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings
5 years, 2 months ago

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings

Firstpost  

A group of distressed PMC depositors gathered outside the Reserve Bank of India office here on Wednesday, seeking an assurance that their deposits in the scam-hit corporative bank are safe and will be returned to them within a stipulated time New Delhi: A group of distressed PMC depositors gathered outside the Reserve Bank of India office here on Wednesday, seeking …

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered
5 years, 2 months ago

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered

Firstpost  

The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account. #JustIn | @RBI to allow PMC …

PIL in HC seeks lifting of restriction on cash withdrawal from PMC bank
5 years, 2 months ago

PIL in HC seeks lifting of restriction on cash withdrawal from PMC bank

India TV News  

The Delhi High Court on Friday sought response of the Centre, AAP government and the RBI on a PIL seeking removal of restrictions on cash withdrawals from the scam-hit Punjab and Maharashtra Cooperative Bank Ltd. A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC …

PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks
5 years, 2 months ago

PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks

Firstpost  

The Odisha Finance Secretary has written the letter to departments asking them to keep in mind the norm that in the eventuality of closure of any bank the deposits are insured only up to Rs 1 lakh and not beyond that, said reports. In a letter titled, Precaution to be taken when depositing government funds in banks, sent on 22 …

PMC crisis shows depositors are sitting ducks if their bank goes bust; why shouldn’t savers get cover for full amount?
5 years, 3 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, 3 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 …

RBI increases withdrawal limit for PMC depositors to Rs 25,000
5 years, 3 months ago

RBI increases withdrawal limit for PMC depositors to Rs 25,000

India TV News  

The Reserve Bank of India has enhanced withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank. PMC Bank withdrawal limit increased to Rs 25,000: Here's what RBI said It may be recalled that the Reserve Bank of India had permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd to withdraw up to ₹ 10,000/- of the total balance …

PMC Bank: Relief for customers, RBI increases withdrawal limit to Rs 25,000
5 years, 3 months ago

PMC Bank: Relief for customers, RBI increases withdrawal limit to Rs 25,000

India Today  

In a major relief to the hapless customers of the crippled Punjab & Maharashtra Cooperative Bank, the Reserve Bank on Thursday increased the cash withdrawal limit to Rs 25,000 per account-holder from Rs 10,000 set earlier, but retained the six-months curbs. The regulator also said the relaxation in withdrawals will take care of over 70 per cent of the customers …

PMC Bank Crisis: How RBI's restrictions hurt lakhs of depositors
5 years, 3 months ago

PMC Bank Crisis: How RBI's restrictions hurt lakhs of depositors

India TV News  

PMC Bank Crisis: The Reserve Bank of India's banking restrictions on Punjab and Maharashtra Cooperative Bank has left lakhs of depositors into a huge snag. However, the question remains intact: How RBI's restrictions hurt the lakhs of PMC Bank depositors and why it is a matter of concern? Image Source : PMC Bank Crisis: How RBI's restrictions hurt lakhs of …

PMC Bank customers do sit-ins at branches, HDIL headquarters
5 years, 3 months ago

PMC Bank customers do sit-ins at branches, HDIL headquarters

India TV News  

A group of irate customers of crisis-hit Punjab & Maharashtra Cooperative Bank Thursday held sit-ins at bank headquarters and at various branches, demanding action against its chairman and board members. A set of customers also filed a police complaint against the senior officials of the bank with the Sion police station. Earlier in the day, a group of 14 account-holders …

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount
5 years, 3 months ago

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount

Firstpost  

With this relaxation, more than 60 percent of the depositors of the PMC Bank will be able to withdraw their entire account balance. The Reserve Bank of India has increased the withdrawal limit for account holders in the crisis-hit Mumbai-based Punjab and Maharashtra Cooperative Bank to Rs 10,000 from Rs 1,000 earlier, in a relief to the bank’s harried customers. …

RBI officers’ credit society has ₹105 crore in PMC Bank
5 years, 3 months ago

RBI officers’ credit society has ₹105 crore in PMC Bank

Live Mint  

Mumbai: The Reserve Bank Officers' Cooperative Credit Society Ltd has fixed deposits totalling ₹105 crore with Punjab and Maharashtra Cooperative Bank which was put under restrictions of the central bank. This deposit is part of the cooperative society’s investments of ₹478.64 crore in fixed deposits, short term deposits and shares of one cooperative bank. The largest of these fixed deposits, …

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