The Deposit Insurance and Credit Guarantee Corporation (DICGC) has launched an online tool Daava Soochak for depositors to track their claim status.

The DICGC’s mandate since its inception has been the reimbursement of insured amounts to depositors of failed banks.

Daava Soochak, a user-friendly online tool, is part of DICGC’s ongoing commitment to improving the services provided for depositors.

“Depositors can now track the status of their claims by entering their mobile number (registered with their bank) on the DICGC website,” said DICGC, a wholly-owned subsidiary of the Reserve Bank of India (RBI).

To begin with, depositors can view the status of their claims for banks placed under All Inclusive Directions (AID) post-April 01, 2024.

The corporation ensures that all categories of deposits with banks except institutional deposits. The deposit insurance coverage limit has been enhanced six times since 1962, from Rs 1,500 per depositor held in the same right and same capacity at all the branches of the insured bank to Rs 5,00,000 on February 04, 2020.

At present, 97.8 per cent of the total deposit accounts are fully protected. Of the remaining 2.2 per cent of accounts, deposits are insured up to the limit of Rs 5 lakh.

In terms of value, 43.1 per cent of the deposits were insured as of March 2024.

In the case of liquidated banks and banks under the Reserve Bank’s All-Inclusive Directions (AIDs), the DICGC settled claims amounting to Rs 1,432 crore during 2023-24.

During the year, it received repayments of Rs 900.73 crore, of which Rs 760.83 crore was from liquidated/transferee banks and Rs 139.90 crore from banks under AID.

All banks operating in India are registered with the corporation for deposit insurance. The number of banks registered with DICGC was 1,997 as of March 31, 2024, of which 140 were commercial banks and 1,857 were cooperative banks.

The total premium received by the corporation during 2023-24 stood at Rs 23,879 crore, with commercial banks contributing 94.4 per cent and cooperative banks accounting for the remaining 5.6 per cent.