GulfHindi English Desk: DICGC, the Deposit Insurance and Credit Guarantee Corporation, has directed all banks to prioritize displaying their logo and QR code on their websites and internet banking portals. This directive, issued under the guidance of the Reserve Bank of India (RBI), aims to increase awareness about the deposit insurance scheme among millions of account holders. This move will primarily benefit customers of HDFC, SBI, and ICICI Bank, which have the largest customer base in the country.
The step has been taken by DICGC to create awareness about the deposit insurance scheme. DICGC provides insurance for deposits of up to INR 5 lakh in banks. This insurance scheme includes commercial banks, local area banks (LABs), payment banks (PBs), small finance banks (SFBs), regional rural banks (RRBs), and cooperative banks.
The decision has been made on the advice of the Reserve Bank, which recognizes the crucial role deposit insurance plays in safeguarding small depositors, instilling confidence in the banking system, and maintaining financial stability.
By displaying the logo and QR code, customers will be able to identify banks covered under DICGC’s deposit insurance scheme. It will also help them obtain complete information about deposit insurance.
In other news, DICGC has directed banks to display its logo and QR code prominently on their websites and internet banking portals by August 31. Out of the 95 Indian commercial banks and 45 foreign commercial banks, 95 complied with this directive.
en.gulfhindi.com News Summary
👉DICGC has directed all banks to display their logo and QR code prominently on their website and internet banking portal.
👉The directive aims to increase awareness about the deposit insurance scheme and help customers identify banks covered under the scheme.
👉The move is in line with RBI’s recommendation to ensure the security of small depositors, build trust in the banking system, and maintain financial stability.
👉HDFC, SBI, and ICICI Bank customers will benefit the most from this directive, as they have the largest customer base in the country.
👉DICGC provides insurance for deposits up to Rs 5 lakh in commercial banks, local area banks, payment banks, small finance banks, regional rural banks, and cooperative banks.
👉The compliance deadline for displaying the logo and QR code is September 1, 2023.
👉DICGC currently insures 2,027 banks, including 140 commercial banks, 95 Indian foreign banks, and 45 foreign banks.
👉The information is provided by DICGC, a subsidiary of the Reserve Bank of India.
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