Current Affairs

RBI data on Deposit Insurance

Current context: Latest RBI annual report data showed that Deposit insurance covers 92% of total accounts in India but constitutes only 28% of total banking deposits.
RBI data on Deposit Insurance 
  • The number of such accounts stood at 200 crores at the end of March 2019, which is 92% of the total number of accounts, whereas the international benchmark is 80%.
  • The Deposit Insurance and Credit Guarantee Corporation (DICGC) has the task of providing insurance cover to deposits in all commercial banks.
  • At the end of FY19, the number of insured banks registered in DICGC was 2,098, commercial banks were 157 and cooperative banks was 1941.
  • Thus at the end-March 2019, the total insured deposit was of Rs 33.7 lakh crore constituting 28% of assessable deposits of Rs 120 lakh crore, against the international benchmark of 20% to 30%.

Question: 

Q.1 As per RBI, what percentage of total accounts were covered by Deposit insurance by end-March 2019?
a. 26%
b. 36%
c. 92%
d. 88%
RBI data on Deposit Insurance RBI data on Deposit Insurance Reviewed by Neha on August 30, 2019 Rating: 5

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