Deposit Insurance And Credit Guarantee Corporation

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

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

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

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

FRDI Bill: An analysis of global experience explains why depositors in India should be indeed worried

In India, the deposit protection limit is Rs 100,000, roughly one-sixtieth of the value protected in other jurisdictions. The Rs 1 lakh limit was set in 1993, and hasn’t been upgraded since.