As on March 31, 2024 interim payments were made to 376,661 depositors amounting to Rs 5359 Crores. The DICGC’s coverage includes 1997 banks comprising 140 commercial banks and 1,857 cooperative banks – the largest number of deposit-taking institutions covered by deposit insurance in the world, second only to the US, said Michael Debabrata Patra, Deputy Governor, Reserve Bank of India.
He said this while delivering a Keynote Address at the International Association of Deposit Insurers (IADI) Asia Pacific Regional Committee (APRC) International Conference hosted by Deposit Insurance and Credit Guarantee Corporation (DICGC) at Jaipur.
He further said, “Currently, the deposit insurance coverage limit (Rs 500,000 or approximately USD 6,000), fully protects 97.8 percent of deposit accounts and 43.1 percent of deposit value. In the context of the emerging challenges, the DICGC is prioritising risk management, including contingency planning and crisis management frameworks” he remarked.
“Digital transformation of all operations is underway. Public awareness campaigns are being refashioned and stepped up. Work on ESG policy is being prioritised alongside a strong focus on climate risk”, he underlined.