Insurance coverage of bank deposits; RBI says 50 percent of accounts in the country are still out

Insurance coverage of bank deposits; RBI says 50 percent of accounts in the country are still out

About half of the bank deposits in the country are still not covered by insurance. Only 50.9 percent of bank accounts have insurance cover of Rs 5 lakh. This is stated in the annual report of the Reserve Bank of India. The figures are for the year ending March 31. The Reserve Bank of India (RBI) has increased the insurance cover for bank deposits from Rs 1 lakh to Rs 5 lakh with effect from February 2020. The move by the Reserve Bank of India (RBI) comes in the wake of a financial crisis in Punjab and Maharashtra.

There are 252.6 crore accounts in various banks in the country. Of these, 98.1 percent of accounts are registered with the Deposit Insurance and Credit Guarantee Corporation (DICGC). 247.8 crore accounts were registered. But insurance coverage for investments is much lower than coverage for accounts. Out of a total of 1,49,67,776 deposit accounts, only 76,21,258 are total deposits as per RBI data. That means 49.1 percent of investments are still outside the insurance range. Increasing the investment insurance limit to Rs 5 lakh does not necessarily include all investments.

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