The Deposit Insurance Fund (DIF) stood at Rs 1.47 lakh crore, yielding a reserve ratio (ratio of DIF to insured deposits) of 1.81 per cent, the RBI said.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), which extends insurance cover to depositors, settled aggregate claims of Rs 8,516.6 crore under different channels during 2021-22.
During the fiscal FY22, deposit insurance premium of Rs 19,491 crore was collected, of which 93.6 per cent was contributed by commercial banks and the rest by co-operative banks. The Deposit Insurance Fund (DIF) stood at Rs 1.47 lakh crore, yielding a reserve ratio (ratio of DIF to insured deposits) of 1.81 per cent, the RBI said.
During April 2021 to March 2022, the DICGC settled claims of five liquidated banks for an amount aggregating to Rs 1,124.1 crore and 12 supplementary claims of liquidated banks aggregating to Rs 100.9 crore. The aggregate of main claims and supplementary claims in respect of 16 urban co-operative banks amounted to Rs 1,225 crore under Section 17 (1) of the DICGC Act 1961, the RBI said.
In addition to this, an amount of Rs 3,791.6 crore was provided to Unity Small Finance Bank (USFB) for making payment to the depositors of the erstwhile Punjab and Maharashtra Co-operative Bank Ltd (PMCBL) pursuant to the merger of PMCBL with USFB with effect from January 25, it said. Thus, the total claims settled amounted to Rs 5,059.1 crore.
Further, as per the amended Section 18 A of DICGC Act, the Corporation should settle the claims within 90 days of imposition of such directions. The claims settled under this channel in the case of 22 urban co-operative banks under All Inclusive Direction (AID) amounted to Rs 3,457.4 crore as on March 31, 2022.
Deposit insurance extended by the DICGC covers all commercial banks, including local area banks and RRBs as well as co-operative banks in all the states and Union Territories. The number of registered insured banks as on March 31, 2022 stood at 2,043, comprising 141 commercial banks (including 43 RRBs, two LABs, six payment banks and 12 small finance banks) and 1,902 co-operative banks (33 StCBs, 352 DCCBs and 1517 UCBs).
As at end-March 2022, the limit of deposit insurance at Rs 5 lakh fully protected 256.7 crore deposit accounts (97.9 per cent of total). In value terms, the insured deposits of Rs 81 lakh crore formed 49.0 per cent of the total assessable deposits.
Source:indianexpress.com