DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (AMENDMENT) BILL, 2021

July 30, 2021

The Union Cabinet has approved the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 and has been introduced in Parliament’s monsoon session.

About:

Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.
It protects depositors’ money kept in all commercial and foreign banks located in India; central, state, and urban co-operative banks; regional rural banks; and local banks, provided that the bank has opted for DICGC cover.
The agency’s operations are performed as per the Deposit Insurance and Credit Guarantee Corporation Act, 1961 and The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961.

Source : All India Radio