DICGC posts 17% growth in insurance fund
The fund is collected by premiums received from insured banks, interest income from investments, and cash recoveries from failed banks. The deposit insurance limit in India is set at ₹5 lakh per depositor per bank.
Mumbai: The (), a wholly-owned subsidiary of the (), reported a 17% increase in its in FY24.The Deposit (DIF), which is crucial for settling claims of depositors from or , climbed to ₹1,98,310 crore as of March 31, 2024, up from ₹1,69,602 crore the previous year.
The fund is collected by received from insured banks, interest income from investments, and cash recoveries from failed banks. The limit in India is set at ₹5 lakh per depositor per bank.
In FY24, the DICGC collected ₹23,879 crore in deposit premiums, an 11.7% increase year-on-year. During the same period, the total by the DICGC amounted to ₹1,431.5 crore.
DICGC has insured 1,997 banks, including 140 commercial banks (12 small finance banks, 6 payments banks, 43 regional rural banks, and 2 local area banks) and 1,857 (1,472 urban cooperative banks, 33 state cooperative banks, and 352 district central cooperative banks).
Source: Stocks-Markets-Economic Times
