23-February-2025
Banking
 
Do not keep all fixed deposits in one bank
22-Feb-2025

The New India Co-operative Bank (NICB) fraud has raised fresh concerns about safety of deposits in co-operative banks. Since the inception of deposit insurance in 1962, there have been as many as 430 co-operative bank failures, putting at risk thousands of crores of rupees of depositors. These crises have led to a staggering deposit insurance payout of `16,000 crore till March 2024, against `296 crore towards claims of commercial banks. The biggest was `3,854 crore to 8,69,000 depositors of Punjab & Maharashtra Cooperative Bank in 2022. For parking lifetime savings in banks, individuals should prioritise safety over high interest rates.

News Source:- https://www.financialexpress.com/business/banking-finance/do-not-keep-all-fixed-deposits-in-one-bank/3756757/?ref=business_hp
 
 
 

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