Banks Covered By Deposit Insurance

India's Deposit Insurance and Credit Guarantee Corporation (DICGC) has extended coverage to 1,997 banks comprising 140 commercial banks and 1,857 cooperative banks.

The Bill proposes that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation.

At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and Credit Guarantee Corporation (DICGC) if a bank fails.

Deposit insurance is a protection cover against losses on bank deposits if a bank fails financially and has no money to pay its depositors.

According to the RBI rules, in case of a bank failure each of its depositors is insured up to a maximum of Rs 1 lakh for both principal and interest amount.

The government is considering proposals on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks, Finance Minister Nirmala Sitharaman said on Friday. The new legislations in this regard will be brought during the winter session of Parliament starting Monday, she added. At present, bank depo...

In a circular released in June 2017, the RBI had directed all commercial, small and payments banks to "incorporate information about 'deposit insurance cover'.

India's Deposit Insurance and Credit Guarantee Corporation (DICGC) has extended coverage to 1,997 banks comprising 140 commercial banks and 1,857 cooperative banks.

The Bill proposes that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation.

At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and Credit Guarantee Corporation (DICGC) if a bank fails.

Deposit insurance is a protection cover against losses on bank deposits if a bank fails financially and has no money to pay its depositors.

According to the RBI rules, in case of a bank failure each of its depositors is insured up to a maximum of Rs 1 lakh for both principal and interest amount.

The government is considering proposals on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks, Finance Minister Nirmala Sitharaman said on Friday. The new legislations in this regard will be brought during the winter session of Parliament starting Monday, she added. At present, bank depo...

In a circular released in June 2017, the RBI had directed all commercial, small and payments banks to "incorporate information about 'deposit insurance cover'.