The ‘Public Police’ NGO was conceived and incorporated as a registered trust in New Delhi India by Rakesh Maheshwari, a senior Chartered Accountant and Deo Datta, a former senior IAS. It has the blessing of Justice K.G Balakrishnan, former Chief Justice of India, with the guidance of former High Court Judges, IAS, IPS, former law secretaries of the government of India and other distinguished members of the society.
The organisation has about 1 crore members from across the country and is present in 10 state chapters. This NGO has taken up the cause of Public Deposits with financial institutions.
According to NGO, no bank, other than cooperative banks, has failed in the last 50 years and if some problem arises the government has always stood with the depositors, although it may have taken time to settle the issue. But what creates the chaos in the depositors’ minds is the uncertainty of whether their money will be returned or not.
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That is why the NGO wants full security.
The NGO states that “it pertinent to mention that the DICGC is charging 12 paisa per Rs 100 on the whole deposit amount of the banks, and according to information available Rs 12,040 crore was collected as insurance premium during year ended March 13, 2019. There is a reserve of about Rs 1 lakh crore.
Then the NGO places a great argument: “It is surprising that the DICGC was charging the insurance premium on whole deposit, while insuring a fixed amount of only Rs 1 lakh upto the 2020 budget.”
A good point.