By Mr. S.
Manikandan,
When
a bank fails, a depositor should know
about the safety of his hard earned money.
When
a bank is liquidated, depositors are entitled to receive an insurance amount of
Rs.1 lac per individual.
Rs.1
lac Insurance limit is applicable across all the accounts held by an individual
depositor.
Due
to this limit only Rs.33.7 lac crore of
the Rs.120 lac crore deposit balances with the banks were insured.
Every insured bank pays premium amounting to
0.001% of its deposits to DICGC every year.
 |
| Mr. S. Manikandan, AIS MONEY |
DICGC (Deposit Insurance and Credit
Guarantee Corporation of India) a wholly owned subsidiary of RBI.
DICGC
has so far settled depositors claims (when banks have gone bust)
Rs.295.9
crore with respect to 27 commercial banks
Rs.4,822
crore with respect to 351 cooperative banks
Failures
have been a more common occurrence with cooperative banks
Procedure for depositors to claim money from a failed
bank
DICGC
does not deal directly with depositors
RBI
will appoint an official liquidator to oversee the process of winding up a
failed bank
This
liquidator is supposed to hand over a list of all the insured depositors to DICGC
DICGC
is supposed to pay these dues (Rs.1 lac Insurance payout) within 2 months
of receiving the list
It
took an average 1,425 days for the DICGC in FY19 to receive and settle the
first claims on a de-registered bank.
S.
Manikandan, MBA ( F& M), [ MBA, I & FP], FChFP, CIS, AMFI, CII (London)
Mobile:
98405 77675
No. 21, MBT Road
(Opp) Indian Bank
Walajapet - 632 513
Vellore Dt. TN, India
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