Mumbai: The Deposit Insurance and Credit Guarantee Corporation (DICGC) has introduced an online tool, Daava Soochak, to help depositors track the status of their claims. The tool allows depositors of failed banks to monitor their claim progress by entering their registered mobile numbers on the DICGC website. Initially, it will cover banks under All-Inclusive Directions (AID) from April 1, 2024, onwards.
DICGC, a subsidiary of the Reserve Bank of India (RBI), ensures reimbursement of insured deposits up to Rs 5 lakh per depositor. Currently, 97.8% of all deposit accounts in India are fully protected under this scheme.
In 2023-24, the DICGC settled claims amounting to Rs 1,432 crore for liquidated banks and those under AID, while recovering Rs 900.73 crore, mostly from liquidated and transferee banks.
As of March 2024, 1,997 banks are registered with DICGC for deposit insurance, including 140 commercial banks and 1,857 cooperative banks. During 2023-24, the corporation collected Rs 23,879 crore in premiums, with commercial banks contributing 94.4%. This initiative aims to streamline the claim process and provide depositors with greater transparency.
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