DICGC - 15 Mints Seminar Notes
DICGC - DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION
- DICGC is a wholly owned subsidiary of the reserve bank of india.
- DICGC is formed by (RBI).
- DICGC is established in 15th July 1978.
- DICGCs head quarters in (Mumbai).
- Chairman of DICGC is MICHAEL PATRA, who is deputy governor of (RBI).
- DICGC work is to protect the bank deposit holders,when the bank fails to play its depositors;
- Its means if the customers deposits such as in savings , current ,or in fixed account ;if the bank is closed by any issues or by any technical problems or by RBI inspection ; in this situation , how customers money protected;
- If bank fails to re- pay the amount to the customers , then DICGC will pay the amount to the customers;
- So, customers have to pay any insurance , for this one; no’ bank will only pay the insurance to the DICGC.
- Every bank have to pay 10 paisa as a premium to the DICGC for 100 rupees, and now it increased to 12 paisa ;
- All banks have to play the insurance to the DICGC ;which banks under the control of DICGC otherwise the license of the bank will be cancelled.
- Before the 2021 the depositors wants to wait for 8 to 10 years for the return of amount by the DICGC ; but now within 90 days , the amount will be return.
- The limit increased from 1 lakh to 5lakhs in 2021.
- DICGC covers all commercial and foreign banks located in india ; central, state and urban co - operative banks; regional banks ; and local banks ;
- DICGC not covers primary co - operative societies , co - operative banks from meghalaya , chandigarh, lakshadweep, and dadra and nagar haveli;
- For a individual in each bank maximum limit with interest 5 lakhs only.
- For example ; a depositor have 5 lakhs in his account and 1 lakh as a bank interest ; but DICGC covers only 5 lakhs.
- Foe suppose the individual have account in same bank but in different branches ; for example ; 5 lakhs in one branch account and another 5 lakhs in other branch account; but DICGC clubbed together that two accounts and then it covers only 5 lakhs for both branches ; because a individual can keep limit 5 lakhs in a bank not in a same bank but in a different branch;
- Another example; if an individual have account in two different banks like 5,5lakhs in each bank ,then the DICGC will cover both 10 lakhs;
- If a individual have 5 lakhs in his /her account and he /she also have joint account with his /her family like son or daughter ,and then this account also have same 5 lakhs in a same bank then the DICGC covers in both as 10 lakhs ;
- DICGC is useful to customers; and also protector to the customers;
- It is safety lockers to the customers;
- Good job done by ( RBI), reserve bank of india;
- Every individual amount in a bank is protected by DICGC……………!.
Presented By,
Sathish kumar
Banking Student
Magme School Of Banking
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