HomeTech newsDepositors of closed banks given Rs 8516 crore from DICGC, know who...

Depositors of closed banks given Rs 8516 crore from DICGC, know who got their money back

RBI: If you are also among those whose bank has either been closed or merged under the action of Reserve Bank of India, or its license has been cancelled, then this news is for you. According to the latest figures, during the year 2021-22, claim settlements worth Rs 8,516.6 crore have been done under the Deposit Insurance and Credit Guarantee Corporation ie DICGC i.e. this much money has been given. Through this, relief has been given to lakhs of customers who were stranded due to the closure of different banks of the country.

Total 12.94 lakh depositors got their money
According to statistics, a total of 12.94 lakh depositors got their stuck money back from this. Bank customers have got this relief through DICGC, a wholly owned subsidiary of RBI, which provides insurance cover on bank deposits.

Why is this amount given?
If the depositors’ money is stuck in the event of cancellation of the bank’s license or any other action of RBI on the bank, then the depositors are given insurance amount under the Deposit Insurance and Credit Guarantee Corporation. In this scope, apart from the branches of foreign banks, all commercial banks including regional banks, micro finance banks and payments banks are also covered and customers of regional rural banks get their money.

Often there are reports of closure of banks
Recently, the Reserve Bank had canceled the license of Babaji Date Mahila Sahakari Bank Limited of Maharashtra. Its customers will also get their deposited money back under DICGC.

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How many banks are registered with this scheme
According to the report of DICGC, the customers of 22 Urban Co-operative Banks have been brought under this provision and their depositors have been given their money back. By March 2022, 2400 banks have been registered with DICGC under the insurance scheme.

In case of sinking of banks or cancellation of license, an amount of up to five lakh rupees is available.
In 2020, the government had increased the insurance cover on deposits for banks by five times to Rs 5 lakh, which was earlier only Rs 1 lakh. This means that earlier if your bank was sinking, then its customers were guaranteed to get back only up to Rs 1 lakh from their deposits, but after its revision in the year 2020, now up to Rs 5 lakhs out of the total deposit amount. The amount can be returned.

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