The Deposit Insurance and Credit Guarantee Corporation (DICGC) has launched an online tool Daava Soochak for depositors to track their claim status.
- The DICGC’s mandate since its inception has been the reimbursement of insured amounts to depositors of failed banks.
- Daava Soochak is a user-friendly online tool. It is part of DICGC’s ongoing commitment to improving the services provided for depositors.
- Depositors can view the status of their claims for banks placed under All Inclusive Directions (AID) post-April 01, 2024.
- The corporation ensures that all categories of deposits are insured with banks except institutional deposits.
- The deposit insurance coverage limit has been enhanced six times since 1962, from Rs 1,500 per depositor held in the same right and same capacity at all the branches of the insured bank to Rs 5,00,000 on February 04, 2020.
- At present, 97.8% of the total deposit accounts are fully protected. Of the remaining 2.2 % of accounts, deposits are insured up to the limit of Rs 5 lakh.
Deposit Insurance and Credit Guarantee Corporation (DICGC)
- The functions of the DICGC are governed by the provisions of ‘The Deposit Insurance and Credit Guarantee Corporation Act, 1961’ (DICGC Act) and ‘The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961’ framed by the Reserve Bank of India.
- The management of the Corporation vests with its Board of Directors, of which a Deputy Governor of the RBI is the Chairman.
- Banks covered by Deposit Insurance Scheme (I) All commercial banks including the branches of foreign banks functioning in India, Local Area Banks, Regional Rural Banks, Co-operative Banks.
- DICGC insures all bank deposits, such as saving, fixed, current, recurring, etc..
- It doesn’t insure: Deposits of foreign Governments; Deposits of Central/State Governments; Inter-bank deposits Deposits of the State Land Development Banks with the State co-operative banks.
