Deposit Insurance and Credit Guarantee Corporation

About:

The concept of insuring deposits kept with banks received attention for the first time in the year 1948 after the banking crises in Bengal. The question came up for reconsideration in the year 1949, but it was decided to hold it in abeyance till the Reserve Bank of India ensured adequate arrangements for inspection of banks. Subsequently, in the year 1950, the Rural Banking Enquiry Committee also supported the concept. Serious thought to the concept was, however, given by the Reserve Bank of India and the Central Government after the crash of the Palai Central Bank Ltd., and the Laxmi Bank Ltd. in 1960. The Deposit Insurance Corporation (DIC) Bill was introduced in the Parliament on August 21, 1961. After it was passed by the Parliament, the Bill got the assent of the President on December 7, 1961 and the Deposit Insurance Act, 1961 came into force on January 1, 1962.

Objective:

The functions of the DICGC are governed by the provisions of 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961' (DICGC Act) and 'The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961' framed by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the said Act.

The preamble of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 states that it is an Act to provide for the establishment of a Corporation for the purpose of insurance of deposits and guaranteeing of credit facilities and for other matters connected therewith or incidental thereto.

Contact Details:

Deposit Insurance and Credit Guarantee Corporation
Reserve Bank of India,
2nd Floor, Opp. Mumbai Central Railway Station,
Byculla, Mumbai – 400 008, India
Tel. Nos.
022-2308 4121 General
022-2306 2161 Premium
022-2302 1143 Claims
022-2301 1991 Secretary’s Deptt
022-2301 1991 Right to Information Cell
022-2306 2163 Recovery Management Cell
022-2306 2162 Customer Care Cell

Fax : 022 - 2301 5662, 2301 8165

Website: https://www.dicgc.org.in

Courtesy: dicgc