HDFC Bank says stamping as per circular

With a picture of a passbook issued by HDFC Bank circulating on social media where the bank had used a rubber stamp to inform customers that deposits of only ₹1 lakh was covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC), the lender has clarified that it was due to a Reserve Bank of India circular issued in 2017.

“We would 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 pass book,” HDFC Bank said.

“The passbooks without printed information have been have been stamped with the requisite information so as to be fully complaint with extant RBI guidelines,” the statement added.