Deposit Insurance and Credit Guarantee Corporation
With a view to integrating the functions of deposit insurance and credit guarantee, the Deposit Insurance Corporation and Credit Guarantee Corporation of India were merged and the present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on July 15, 1978. Deposit Insurance and Credit Guarantee Corporation (DICGC), established under the DICGC Act 1961, is one of the wholly owned subsidiaries of the Reserve Bank. The DICGC insures all deposits (such as savings, fixed, current, and recurring deposits) with eligible banks except the following:
- Deposits of foreign Governments;
- Deposits of Central/State Governments;
- Inter-bank deposits;
- Deposits of the State Land Development Banks with the State cooperative bank;
- Any amount due on account of any deposit received outside India;
- Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India.
Every eligible bank depositor is insured up to a maximum of `1,00,000 (Rupees One Lakh) for both principal and interest amount held by him.