Which banks are insured by DICGC?

Which banks are insured by DICGC?

Banks placed under AID

• Adoor Co-Operative Urban Bank Ltd Kerala.
• Bidar Mahila Urban Co-Op. Bank Ltd Karnataka.
• City Co-Operative Bank Ltd Maharashtra.
• Hindu Co-Op.
• Kapol Co-Operative Bank Ltd.
• Maratha Sahakari Bank Ltd., Mumbai.
• Millath Co-Operative Bank Ltd Karnataka.
• Needs Of Life Co-Operative Bank Ltd.

Are bank Fds safe?

Fixed Deposit is a safe investment option as opposed to other risk-bearing options since deposits up to Rs. 1 lakh is insured. In an event of the bank defaulting the investor is given a principal amount up to Rs. 1 lakh depending on the amount that was deposited and the insurance cover.

What is the amount of bank deposit guaranteed by DICGC?

Each depositor in a bank is insured upto a maximum of 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

What is the work of DICGC?

What is DICGC? Deposit Insurance and 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.

Which is not insured by DICGC?

Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. Primary cooperative societies are not insured by the DICGC.

Does small finance bank comes under DICGC?

Deposit insurance provided by the DICGC covers all insured commercial banks, including LABs, PBs, SFBs, RRBs and co-operative banks. This includes 139 commercial banks out of which 43 are Regional Rural Banks (RRBs), 2 are Local Area Banks (LABs), 6 are Payment Banks (PBs) and 10 are Small Finance Banks.

When a bank shuts down DICGC will pay up to?

When is DICGC liable to pay? If a bank goes into liquidation, DICGC is liable to pay to the liquidator the claim amount of each depositor upto Rupees five lakhs within two months from the date of receipt of claim list from the liquidator.

Is Jana bank insured by DICGC?

All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions.

Which is not insured by Dicgc?

Can a bank withdraw itself from the DICGC?

No insured banks can withdraw themselves from the DICGC coverage. The deposit insurance scheme is mandatory for all the banks. Which banks are insured under DICGC? All commercial banks including branches of foreign banks functioning in India, nationalized/local banks and RRB’s are insured by the DICGC.

What is deposit insurance and Credit Guarantee Corporation (DICGC)?

Deposit Insurance and Credit Guarantee Corporation (DICGC) is a very old subsidiary of RBI which provides insurance to all the banks registered under the guidelines of the RBI Act.

Which banks in India are insured by DICGC?

Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.

What is the DICGC Act 1961?

The aim of the DICGC Act, 1961 is to provide for the establishment of a corporation for the purpose of insurance of deposits and guaranteeing of credit facilities and various other matters which are incidental to any event occurring DICGC Act. No insured banks can withdraw themselves from the DICGC coverage.