Insured deposits constitute 28.1% of assessable deposit base at March-end

With a deposit insurance cover of Rs 1 lakh per account, insured deposits constitute 28.1 per cent of the assessable deposit base at March-end 2019, revealed the FSR report. Amount-wise, insured deposits at March-end were Rs 33.7 trillion with an assessable deposit base of Rs 120.05 trillion. However, if the number of accounts is to be considered, the deposit insurance of Rs 1 lakh covers 92 per cent of the total accounts. As of 2018-19, the premium collected from member banks was Rs 12,040 crore, of which commercial banks contributed 93 per cent while cooperative banks accounted for the remaining 7 per cent.