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.
a. 26%
b. 36%
c. 92%
d. 88%
- 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%
