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Mumbai:
The Reserve Bank of India(RBI) in its latest Financial Stability Report(FSR), released on Monday, has revealed that with the limit of deposit insurance in India raised to Rs 5 lakh, insured deposits stood at Rs 68,71,500 crore in March 2020 constituting 50.9 per cent of total assessable deposits at Rs 1,34,88,900 crore.
Fully protected accounts constituted 98.3 per cent of the total number of accounts.
Of the total premium of Rs 13,234 crore collected from member banks during 2019-20, commercial banks contributed 93 per cent and co-operative banks accounted for the remaining seven per cent.
The premium received during H1: 2020-21 was Rs 8,540 crore.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) sanctioned aggregate claims of Rs 80.7 crore in respect of 10 cooperative banks during 2019-20.
In case of observations of serious irregularities observed during inspections, the Reserve Bank issues directions to co-operative banks to protect the interests of depositors and in public interest.
As at end-September 2020, insured deposits of banks under direction and weak banks constituted about 0.3 per cent of the total insured deposits of commercial and co-operative banks, and 18.2 per
cent of the deposit insurance fund