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The Deposit Insurance coverage and Credit score Assure Company (DICGC), which extends insurance coverage cowl to depositors, settled mixture claims of Rs 8,516.6 crore beneath totally different channels throughout 2021-22.
In the course of the fiscal FY22, deposit insurance coverage premium of Rs 19,491 crore was collected, of which 93.6 per cent was contributed by business banks and the remaining by co-operative banks. The Deposit Insurance coverage 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 mentioned.
Throughout April 2021 to March 2022, the DICGC settled claims of 5 liquidated banks for an quantity aggregating to Rs 1,124.1 crore and 12 supplementary claims of liquidated banks aggregating to Rs 100.9 crore. The mixture of important claims and supplementary claims in respect of 16 city co-operative banks amounted to Rs 1,225 crore beneath Part 17 (1) of the DICGC Act 1961, the RBI mentioned.
Along with this, an quantity of Rs 3,791.6 crore was offered to Unity Small Finance Financial institution (USFB) for making fee to the depositors of the erstwhile Punjab and Maharashtra Co-operative Financial institution Ltd (PMCBL) pursuant to the merger of PMCBL with USFB with impact from January 25, it mentioned. Thus, the whole claims settled amounted to Rs 5,059.1 crore.
Additional, as per the amended Part 18 A of DICGC Act, the Company ought to settle the claims inside 90 days of imposition of such instructions. The claims settled beneath this channel within the case of twenty-two city co-operative banks beneath All Inclusive Course (AID) amounted to Rs 3,457.4 crore as on March 31, 2022.
Deposit insurance coverage prolonged by the DICGC covers all business banks, together with native space banks and RRBs in addition to co-operative banks in all of the states and Union Territories. The variety of registered insured banks as on March 31, 2022 stood at 2,043, comprising 141 business banks (together with 43 RRBs, two LABs, six fee 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 restrict of deposit insurance coverage at Rs 5 lakh absolutely protected 256.7 crore deposit accounts (97.9 per cent of complete). In worth phrases, the insured deposits of Rs 81 lakh crore fashioned 49.0 per cent of the whole assessable deposits.
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