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The Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961, governs the operations of the DICGC, which provides deposit insurance to depositors of insured banks in India. The Act aims to protect depositors’ interests and ensure stability in the banking system.
Key Provisions of the Act:
- Deposit Insurance Coverage: Protects deposits up to ₹5,00,000 per depositor, per bank.
- Scope of Coverage: Includes commercial banks, cooperative banks, and regional rural banks.
- Role of DICGC: Administers deposit insurance and ensures payouts in case of a bank failure.
Download DICGC Act PDF
- Deposit Insurance & Credit Guarantee Corporation (Amendment) Act, 2021
- Deposit Insurance & Credit Guarantee Corporation Act, 1961
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