The Corporation is also trying to roll out depositor-centric tools such as Integrated Claims Management System (ICMS) for capturing more accurate and up-to-date information on deposits that would aid in faster settlement of claims. Reforms in deposit insurance system 13. I now turn to the reforms required to be made in India’s deposit insurance system and flag the issues therein.
First, the recent crisis has shown that deposit insurers should play a proactive role in regulatory frameworks for early identification of bank failures and their effective resolution with the aim of protecting their funds and maintaining public confidence.