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- Title
Deposit Insurance Evolution and Legal Framework.
- Authors
Kolichala, Hareesh Kumar
- Abstract
'Banking' is basically trust reposed by the public. If the trust is lost, banking industry would come to a naught. If a bank fails, people who had reposed trust and deposited their hard earned savings will lose confidence and would never return to the banking system if their deposits are not protected. Therefore, protection of deposits is vital to the banking system. In this context, the concept of Deposit Insurance assumed significance which enhanced confidence in the system of banking. India is the second country to introduce Deposit Insurance and it had well served the interests of the Depositors. Recently, Government of India had increased Deposit Insurance from Rs. 1.00 lakh to Rs. 5.00 lakhs further enhancing the trust in banking. In this article, the evolution and legal framework of Deposit Insurance is discussed elaborately.
- Subjects
INDIA; BANKING industry; DEPOSIT insurance
- Publication
Vinimaya, 2021, Vol 41, Issue 4, p27
- ISSN
0970-8456
- Publication type
Article