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 1 lakh on their amount by the Deposit Insurance and Credit Guarantee Corporation. Under the Deposit Insurance and Credit Guarantee Corporation Act, every depositor in a bank is insured up to a maximum of Rs 1 lakh including the principal and interest amount.

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History of this topic

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 …

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. …

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

What deposit cover overhaul means for you
3 years, 2 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, 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 …

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 …

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 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 …

Govt may consider Oriental Insurance or United India for privatisation
3 years, 10 months ago

Govt may consider Oriental Insurance or United India for privatisation

The Hindu  

The government may consider privatising Oriental Insurance or the United India Insurance Co. as their financial health has improved after a series of capital infusions, people aware of the development said. Both Oriental Insurance and the Chennai-based United India Insurance may be able to generate interest from the private sector because of their improved financials, sources said. Last year, the …

Finance Ministry to infuse ₹3,000 crore in general insurance companies this quarter
3 years, 10 months ago

Finance Ministry to infuse ₹3,000 crore in general insurance companies this quarter

The Hindu  

The Finance Ministry will infuse ₹3,000 crore capital into state-owned general insurance companies during the current quarter in a bid to improve their financial health. The cabinet had also decided to increase the authorised share capital of National Insurance Company Limited to ₹7,500 crore and that of United India Insurance Company Limited and Oriental Insurance Company Limited to ₹5,000 crore …

The insurance regulator’s 70’s mindset is not serving the purpose in 2020
4 years, 2 months ago

The insurance regulator’s 70’s mindset is not serving the purpose in 2020

Live Mint  

It is almost as if you can see the conflict: there is the desire to do the right thing by the customer, but the DNA of an institution that does not believe in consumer rights comes in the way. The insurance regulator is torn with this dichotomy, of watching its capital market counterpart take giant strides in investor protection and …

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: 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: 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 …

HDFC Customers Attention! Bank clarifies on viral passbook pic with insurance deposit stamp
5 years, 2 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 …

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 …

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