Indian Economic Updates : Banks Seek Higher Deposit Insurance for Seniors, Relief on Premiums

Banks have approached the RBI to advocate for higher deposit insurance coverage for senior citizens while seeking relief in premium payments for insuring other retail deposits. Following an internal meeting last month, lenders decided to formally present this proposal to both the RBI and the government. Currently, deposit insurance is capped at ₹5 lakh per depositor per insured bank, with the Deposit Insurance and Credit Guarantee Corporation (DICGC) managing the system. Banks argue that this coverage should be increased for senior citizens, given their financial dependence on bank deposits.

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