Deposit Insurance And Credit Guarantee Corporation Act 1961 Pdf

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Published: 16.04.2021

Highlights of the Bill. Key Issues and Analysis.

Date : Guidelines for transfer of assets and liabilities of Urban Cooperative Banks to commercial banks. Please refer to our circular PCB. The extant guidelines inter alia provide that in legacy cases, i. It has since been decided that the Reserve Bank may also consider scheme of transfer of assets and liabilities including branches of UCBs to commercial banks with DICGC support in legacy cases, as an additional option for resolution of weak banks, where proposals for amalgamation within the UCB sector were not forthcoming.

ACTS AND RULES

It was established on 15 July under the Deposit Insurance and Credit Guarantee Corporation Act, for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposit for up to the limit of Rs. Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. The DICGC while registering the banks as insured banks furnishes them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, depositor should make specific enquiry from the branch official in this regard.

Ans: Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. Ans: Each depositor in a bank is insured upto a maximum of Rs. Ans: The DICGC while registering the banks as insured banks furnishes them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, depositor should make specific enquiry from the branch official in this regard. Ans: The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount upto Rupees one lakh is paid.

What is deposit insurance?

Topics Covered:. What is deposit insurance? For Prelims: What is Deposit Insurance? How is it regulated? Context : With the failure of the Punjab and Maharashtra Co-operative PMC Bank reigniting the debate on the low level of insurance for deposits held by customers in banks in India, the central government now plans to raise the cover.

Deposit Insurance and Credit Guarantee Corporation (DICGC)

If you have deposit in a bank and that bank go bankrupt in future then you will be given from DICGC. It was in the year that the concept of insuring deposits kept with banks received attention for the first time after the banking crises in Bengal. In it was again came in the limelight for the reconsideration.

Banks play a pivotal role in the life of general public by performing its basic function of Accepting deposits and Advancing loan but in the present scenario the crisis of banks have increased by creating fear in the minds of its customers of losing hard earned money even after depositing in nationalized banks. The fear of losing money is more in private banks compared to public banks as the private are not following the guidelines of RBI. Deposit Insurance and Credit Guarantee Corporation DICGC a subsidiary of Reserve Bank Of India has assured commercial banks to gain the trust of its customers and motivated small and medium depositors to keep faith on these financial institutions.

Central Act

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Deposit Insurance and Credit Guarantee Corporation (DICGC)
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