Entire claims settled by deposit insurer was for co-op banks in FY24

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Entire claims settled by deposit insurer was for co-op banks in FY24 - Business Standard

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The Deposit Insurance and Credit Guarantee Corporation (DICGC) settled claims worth Rs 1,432 crore in the financial year 2023-24, the entire amount being for cooperative banks, Reserve Bank of India (RBI) data showed.

According to DICGC’s annual report for FY24, claims settled in FY24 was Rs 1,432 crore for liquidated banks as well as for lenders which are under RBI’s all-inclusive directions (AID).“The DICGC settled claims of Rs 1,432 crore during 2023-24, which pertained entirely to co-operative banks placed under liquidation/ all-inclusive directions (AID),” the Trend and Progress report of RBI noted.