Is HDFC Bank not liable to take responsibility over 1 Lakh rupee

Is HDFC Bank not liable to take responsibility over 1 Lakh rupee

Is HDFC Bank not liable to take responsibility over 1 Lakh rupee


Nowadays in the country, there is so much false spread of misinformation and it is causing a national uproar. Recently, WhatsApp and other social media platforms are taking steps to curb the spread of Fake News so that people can be well aware of the facts. 

Fake News about HDFC Bank:

One such instance is given below. A twitter handler “Dr. Jitendra Awhad” tweeted a hoax that “HDFC BANK Using Stamp on Passbook and declaring they are not liable to take the responsibility over one Lakh….that means savings upto *ONE LAKH ONLY is safe in Private Banks*”

This false information spread like wildfire within a few hours.  This erupted into many comments. There are so many other claims being circulated on social media like: Facebook and Twitter accounts.

Read Also: RBI denied social media rumours of 9 banks shutting down permanently

There were comments where people were making wild assumptions that if this thing is true, the citizens should keep cash above 1L at home without any problem coming from the IT department. There were wild assumptions like an announcement at 8 PM that the money kept in homes will be illegal after midnight. These kinds of comments generate propaganda and disrupt the peace.

Fact Check:

HDFC bank on October 16th clarified the issue that it was the deposit insurance cover stamp on the consumer’s passbook is only to comply with the Reserve Bank of India guidelines. Apart from that, the private bank also stated that it was as per the RBI circular dated June 22nd, 2017 that they have acted that way. It stated that all the Scheduled Commercial Banks, all small finance banks and the payment banks are supposed to incorporate the information about the deposit insurance cover along with the limit of coverage in the passbook.


A customer Arvind asked: “After The RBI circular the stamp took almost 2 years to be made”.

Then Neeraj Jha (Head, Corporate Communication, HDFC Bank) replied him “No. It’s only when the customer comes asking for a passbook. And when he does, the bank has to ensure this disclosure is inserted if not already printed therein. That’s law as per RBI Circular of 22 June 2017.”

Read Also: PNB Scam: Did RBI freeze Punjab National bank’s all accounts?


Actually, in case of the liquidation of the bank, the DICGC which is a wholly-owned subsidiary of the Reserve Bank of India that ensures depositors that they receive a sum of up to 1 Lakh up to two months from the date of liquidation. The banks are usually required to pay 0.05% of the entire outstanding deposit as the premium to the DICGC, a burden that is not passed to the customer. This insurance applies to all the banks regardless of any kind of categorization.

Even Citibank India Bank has issued a similar notification like this on the deposit insurance to the customers. The FRDI Bill, 2017 was aimed to regulate the depositor insurance.

Hence, this is the real story of the fake news being spread about HDFC hoax. Let us not indulge in any kind of rumors and learn the truth of any forwarded or viral news.




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