The Deposit Insurance and Credit Guarantee Corporation (DICGC) has issued directives to all banks considering the millions of account holders. By August 31st, banks are required by the DICGC to prominently display the logo and QR code on their website and Internet banking interface. The biggest winners from this will be the customers of HDFC (HDFC), SBI (SBI), and ICICI Bank (ICICI Bank). Actually, these three banks hold the most extensive client base in the nation.

HDFC, SBI, ICICI – Alterations made with the intention of raising awareness

The biggest bank in the nation is HDFC. SBI, on the other hand, is the largest public sector bank in the nation. The DICGC has done this in an effort to raise awareness of the deposit insurance programme. Bank deposits up to Rs 5 lakh are insured by DICGC. The insurance programme of DICGC covers the deposits of Commercial Banks, Local Area Banks, Payment Banks, Small Finance Banks, Regional Rural Banks, and Cooperative Banks.

The decision was made after consulting with the Central bank

which stated in a circular that deposit insurance is crucial for safeguarding depositors, particularly small ones, fostering confidence in the banking system, and preserving financial stability. The decision was made in conjunction with the central bank, according to the circular, to raise public awareness of focused and ongoing deposit insurance. As a result of this decision, the DICGC logo and a QR code leading to the DICGC website will be prominently displayed on the websites and Internet banking portals of all banks registered with the DICGC.

According to the circular

showing the logo and QR code would make it easier for customers to recognise banks that are part of the DICGC’s deposit insurance programme. In addition, it will assist in obtaining comprehensive information regarding deposit insurance. From September 1, 2023, all affected banks are expected to assure compliance. At the close of business on March 31, 2023, there were 2,027 insured banks listed with the DICGC. There were 140 commercial banks there.

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