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"."
Hi Deepak, An IMPORTANT CLARIFICATION w.r.t. a passbook image circulating on WhatsApp and social https://t.co/34daCII09C: https://t.co/xYXvBDojbZ -Nadia pic.twitter.com/as1VWc8yA4— HDFC Bank (@HDFC_Bank) October 18, 2019
The stamp particularly gathered interest in light of the ongoing crisis at the Punjab and Maharashtra Cooperative Bank (PMC).
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