DICGC's Daava Soochak: A New Online Tool for Deposit Insurance Claims

The Deposit Insurance and Credit Guarantee Corporation (DICGC) has launched Daava Soochak, an online tool for depositors to monitor their claim status. This initiative aims to enhance service efficiency. As of March 2024, the corporation insured 97.8% of total deposit accounts, with claim settlements reaching Rs 1,432 crore during 2023-24.

The Deposit Insurance and Credit Guarantee Corporation (DICGC) has unveiled Daava Soochak, a new online tool designed to help depositors track the status of their insurance claims. This move forms part of DICGC's dedicated efforts to improve services for depositors.

'Depositors can now track their claim status by entering their registered mobile number on the DICGC website,' stated the DICGC, a subsidiary of the Reserve Bank of India. This tool initially covers claims for banks under All Inclusive Directions (AID) post-April 01, 2024.

The DICGC has significantly ramped up its insurance coverage over the years, with the limit rising from Rs 1,500 in 1962 to Rs 5,00,000 in 2020. Currently, 97.8% of deposit accounts are fully protected, with claims amounting to Rs 1,432 crore settled during the year 2023-24.

(With inputs from agencies.)