The Union Finance Minister hiked the maximum insurance provided for bank deposits to ₹ 5 Lakh, per depositor, in her recent Union Budget 20-21. As per the existing guidelines of the Reserve Bank of India, deposits of the customers with all commercial banks and cooperative banks are insured under the Deposit Insurance and Credit Guarantee ..
Deposit insurance: GK, Current Affairs, Questions, Trivia and News
The “bail-in” clause of the Financial Resolution and Deposit Insurance Bill (FRDI) has led to worries about the safety of bank deposits. It is different from a traditional bailout in which government’s money helps bank tide over the crisis. In case of a bail-in, it is the bank’s own deposits that are used to rescue ..
The government has released the revised Draft ‘Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016’ to crack down on Ponzi and illegal deposit schemes to protect the interests of depositors and the connected matters. Key facts It proposes to set up an online database of information on deposit taking activity in ..
The Indian financial system currently consists of commercial banks, co-operative banks, financial institutions and non-banking financial companies (NBFCs). The commercial banks can be divided into categories depending on the ownership pattern, viz. public sector banks, private sector banks, foreign banks. While the State bank of India and its associates, nationalised banks and Regional Rural Banks ..