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• Deposit Insurance And Credit Guarantee Corporation

Deposit Insurance And Credit Guarantee Corporation

Deposit Insurance and Credit Guarantee Corporation was established on July 15, 1978 to enhance the growth of medium and small-scale industries. It is a supreme division of the RBI and works under Ministry of Finance. This bank also gave importance to neglected sectors and gives Loan facilities, Insurance of Deposits, Credit Guarantees, Fixed and Recurring Deposits, Account opening, Online banking and has more than 40 years of experience.

Factsheet of Deposit Insurance And Credit Guarantee Corporation

Bank Name	Deposit Insurance And Credit Guarantee Corporation
Founded in	July 15, 1978
Promoters/founders	Reserve Bank of India
Headquarter Address	Deposit Insurance and Credit Guarantee Corporation Div of the Reserve Bank of India 2nd Floor Opp. Mumbai Central Railway Station, Byculla Mumbai – 400008 Maharashtra
Employee's	NA
Type of Bank	Public Sector Undertaking (PSU) Bank
Official Website	https://www.dicgc.org.in/
Customer Care Number	022-2306 2161, 022-23021149, 022-23028239, 23028231, 23028208

History of Deposit Insurance and Credit Guarantee Corporation

The Deposit Insurance and Credit Guarantee Corporation is an integral component of the RBI and was established on 15th July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act of 1961 in order to provide the security to the hard earned money and offering the Credit Guarantee Protections. We are well organised in handling the savings accounts, current account, fixed and current deposits, recurring deposits and other banking services in a logical manner. 

We work under the strict guidelines imposed by the RBI and its affiliated bodies and also follow 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' created by the Reserve Bank of India.   Currently the banks in India will need to pay a sum to the DICGC as insurance premium including various kinds of bank deposits up to a limit of ₹5,00,000. We will compensate small depositors by repaying them the amount deposited in any bank in India.

We make sure that the Fixed, Current, Savings and Recurring deposits is done to the maximum limit of INR 500,000 for each depositor in a particular bank and the limit has been increased during the tenure of Narendra Modi Government. We assist the small depositors by securing the public confidence about the banking system by carrying out the deposit insurance. They will offer insurance to the bank deposits and guarantee the credits given by the banks and other financial institutions.

Mr. M.D. Patra is the Chairman of the bank.

Banking Services offered by Deposit Insurance and Credit Guarantee Corporation

The Deposit Insurance and Credit Guarantee Corporation is a organisation for doing the credit guarantees and some of its functions are:

• Fixed Deposits.
• Savings Account.
• Current Accounts
• Current Deposits.
• Credit Guarantee.
• Insurance Deposits
• Recurring Deposits.
• Capital Gain Accounts.

Banks covered under the Deposit Insurance and Credit Guarantee Corporation 

There are various banks covered under the Deposit Insurance and Credit Guarantee Corporation

• Foreign Banks.
• Payments Banks.
• Local Area Banks.
• Public Sector Banks.
• Small Finance Banks.
• Regional Rural Banks.
• Private Sector Banks.
• State Cooperative Banks.
• Urban Cooperative Banks.
• District Central Cooperative Banks

Deposit Insurance And Credit Guarantee Corporation has 1 IFSC connected branches in India. Bank has branches in following states:

MAHARASHTRA