Needed, higher insurance cover

Needed, higher insurance cover: This refers to ‘Deposit insurance: what you didn’t know’ by Aarati Krishnan (Real returns, February 22). The article will serve a larger purpose if policymakers take cognisance of the constraints within which the DICGC



DICGC



This refers to ‘Deposit insurance: what you didn’t know’ by Aarati Krishnan (Real returns, February 22). The article will serve a larger purpose if policymakers take cognisance of the constraints within which the DICGC is functioning and initiate moves that will help the organisation recast its vision and mission. The DICGC has sufficient resources but they are inadequate for the kind of expansion required to restore confidence among depositors. DICGC may also have to revisit credit guarantee. The organisation also needs to be professionalised.
Further, the anomalous situation arising from commercial banks meeting the cost of the inefficiency of cooperative banks will have to be rectified, even as it decides whether the level of deposit insurance should be retained at a low of ₹1 lakh. Perhaps the threshold should be raised to provide cover for at least 50 per cent of bank deposits. The DICGC could consider expanding its ambit to all financial institutions regulated by the RBI that accept deposits from the public.
MG Warrier
Mumbai

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