Insurer of Banks in India

Q.  Who insures banks in India?
- Published on 16 Feb 17

a. IRDA
b. EXIM
c. DICGC
d. ECGC

ANSWER: DICGC
 
Deposit Insurance and Credit Guarantee Corporation (DICGC) insures the banks in India.
  • Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India.
  • It was established on 15 July 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for providing insurance of deposits and guaranteeing of credit facilities.
  • DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000 of each deposit in a bank.
DICGC - Deposit Insurance and Credit Guarantee Corporation

Founded : 15 July 1978
Headquarter : Mumbai, Maharashtra
Current Head : Shri N.S. Vishwanathan (Chairman - DICGC)

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