Jump to content

Deposit Insurance and Credit Guarantee Corporation

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Amitgradu.123 (talk | contribs) at 05:52, 12 August 2017 (MORE INFORMATION). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

INTRODUCTION

Deposit Insurance and Credit Guarantee Corporation (DICGC) is a fully owned subsidiary of Reserve Bank of India. It was established on 15 July 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits(except interbank deposits and deposits of foreign government) for up to the limit of Rs. 100,000 of each deposits in a bank.For this bank have to give quaterly a premium of 10 paise per 100 rupee.[1]

The functions of the DICGC (deposit insurance and credit guarantee corporation)are governed by the provisions of 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961' (DICGC Act) and 'The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961' framed by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the said Act.[2]

Which Banks are insured by DICGC

All commerical banks including branches of foreing banks functioning in India, local area banks and regional rural banks are insured by DICGC. In Cooperative banks, all cooperative banks other than those from state of Meghalaya and UTs of Lakshdweep and Dadra Nagar Haveli are insured by DICGC.

References

  1. ^ "Srikrishna panel insists on single unified regulator in financial sector". Business Standard. 21 March 2013. Retrieved 23 November 2013.
  2. ^ "About Us - Profile". ..Dicgc. Retrieved 23 November 2013.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Deposit_Insurance_and_Credit_Guarantee_Corporation&oldid=795129116"