HDFC Bank clarified that a stamp on one of its passbooks was done to comply with a notification issued by the Reserve Bank of India.
An image of the stamp is going viral with accompanying claims that private banks are only liable to repay Rs.1 lakh of customers deposits in case of a bank shutdown.
This rule is not a new phenomenon, with the government via the Deposit Insurance and Credit Guarantee Corporation or the DICGC currently insuring customers deposits up to Rs.1 lakh across all banks of the system, and not just HDFC Bank.
HDFC Bank stamped this information on those passbooks where it has not been printed already, in compliance with the above mention RBI notification. This was put out as clarification by HDFC Bank’s Corporate Communication Head.