Dicgc

The works of Dicgc are administered by the terms of 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961' (DICGC Act) and 'The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961' structured by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the said Act. In 1948, when Bengal faced banking crises, the concept of insuring deposits kept with banks received attention. Afterwards, the Rural Banking Enquiry Committee also supported the concept in year 1950. There is a long history behind the emergence of this Dicgc act. In 1961, the bill has been introduced in Parliament and after wards has been approved by Parliament and President on December 7, 1961. In the starting, the Deposit Insurance Scheme was for commercial banks only and later on it incorporated State Bank of India and its subsidiaries, other commercial banks and the branches of the foreign banks operating in India as well. One can dial customer care number for Dicgc for more information. Different branches of the bank are as follow: