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HDFC Bank clarifies deposit insurance cover stamp on passbooks only to comply with RBI guidelines

October 19
06:56 2019

HDFC Bank on October 16 issued a clarification that the deposit insurance cover stamp on its customers’ passbook is only to comply with the Reserve Bank of India guidelines.

A customer of the bank had posted an image of his passbook with the deposit insurance cover stamp that was widely circulated on social media causing nervousness among other customers of the bank.

The private sector lender responded to a tweet saying, “We’d like to clarify that the information has been inserted as per RBI circular dated June 22, 2017, which requires all Scheduled Commercial Banks, all Small Finance Banks and Payments Banks to “incorporate information about ‘deposit insurance cover’ along with the limit of coverage upfront in the passbook”.”

The bank clarified that the passbooks have been stamped in order to ensure full compliance with the RBI guidelines in this direction.

The stamp particularly gathered interest in light of the ongoing crisis at the Punjab and Maharashtra Cooperative Bank (PMC).

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