DICGC – Deposit Insurance and Credit Guarantee Corporation
Deposit Insurance and Credit Guarantee Corporation (DICGC) may be a subsidiary of Federal Reserve Bank of India. it absolutely was established on fifteen July 1978 underneath Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the aim of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, like saving, fixed, current, revenant deposit for up to the limit of Rs. 100,000 of every deposits in a very bank.
A most of 100,000 is insured for every user for each principal and interest quantity. If the client has accounts in several banks, all of these accounts are insured to a most of 100,000. However, if there are a lot of accounts in same bank, all of these are treated as one account. The payment is paid by the insured banks itself. This suggests that the advantage of deposit insurance protection is created offered to the depositors or customers of banks freed from value. The Corporation has the ability to cancel the registration of Associate in Nursing insured bank if it fails to pay the premium for 3 consecutive half-year periods. The Corporation could restore the registration of the bank, that has been de-registered for non-payment of premium, if the involved bank makes an invitation during this behalf and pays all the amounts due by manner of premium from the date of default along side interest.