{"id":7043,"date":"2021-06-27T12:45:00","date_gmt":"2021-06-27T07:15:00","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=7043"},"modified":"2021-06-28T02:42:58","modified_gmt":"2021-06-27T21:12:58","slug":"bank-deposit-insurance","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/bank-deposit-insurance\/","title":{"rendered":"How to increase Bank Deposit Insurance legally to 75 Lakhs?"},"content":{"rendered":"\n

Bank Deposit Insurance<\/strong> – A term not many people know about but comes into play when the bank you have trusted your money with goes belly-up. In the last few years you might have heard about banks closing down and depositors struggling to get their money back. You must read this post, if you bank with any of the co-operative banks in India. <\/p>\n\n\n\n

What is Bank Deposit Insurance?<\/h2>\n\n\n\n

In India, Bank Deposit Insurance is covered by Deposit Insurance and Credit Guarantee Corporation<\/strong> (DICGC<\/a>) which is subsidiary of RBI. This insurance pays back depositors in case the bank goes bankrupt and is restricted by RBI for further operations. In the last few years, you might have heard about Yes Bank, Lakshmi Vilas Bank had to cease operations temporarily (thankfully) until the new management or new bank too it over. Thankfully, most of the losses were borne by shareholders but depositors escaped unhurt (except that they could not get their money back on time). <\/p>\n\n\n\n

However depositors of co-operative banks have not been so lucky. You might not have noticed but in the last few years, more than 10 co-operative banks have ceased operation – PMC Bank being the biggest one. Depositors are still struggling to get their money back form these banks. This bank insurance is like the last resort for the depositors and so it’s important you should know about this. We tell you 10 interesting things about bank insurance and how you can increase it legally?<\/p>\n\n\n\n

Bank Deposit Insurance: Interesting Facts<\/h2>\n\n\n\n