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Deposit insurance and credit guarantee corporation News

Rupee Co-operative Bank

22 Sep 2022

THIS bank permanently shutting down business from today: Got an a/c here?

On August 10, the RBI had cancelled the licence of Rupee Co-operative Bank Ltd as the lender did not have adequate capital and earning prospects.

Rupee Co-operative Bank

21 Sep 2022

THIS bank will be shutting down from tomorrow; what will happen to depositors?

On August 10, the RBI had cancelled the licence of Rupee Co-operative Bank Ltd as the lender did not have adequate capital and earning prospects. However, the RBI said that in compliance to an order of the High Court of Bombay, its direction will become effective after six weeks i.e, from August 10 onwards.

pm modi in bank deposit insurance pragramme

12 Dec 2021

Government's big decision on bank deposit insurance

PM Modi said that today is a very important day for the country, for the banking sector, and for crores of bank account holders of the country.

28 Nov 2021

Depositors of 16 stressed banks to get up to Rs 5 lakh on Monday

Reserve Bank of India's subsidiary DICGC will issue the money. DICGC had earlier prepared a list of 21 banks but five, including Punjab & Maharashtra Co-Operative Bank (PMC Bank), are out of the list. Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021.

Reserve Bank of India

22 Nov 2021

Co-operative societies can't use 'bank' in their names: RBI

In a statement, RBI said it has come to notice that some cooperative societies are using the word 'bank' in their names in violation of the Banking Regulation Act.

deposit insurance and credit guarantee corporation

29 Jul 2021

Modi govt’s big decision! Depositors to get Rs 5 lakh coverage if bank fails

Deposit Insurance Credit Guarantee Cooperation (DICGC) insures all bank deposits, such as savings of fixed or current deposits or recurring deposits, and it covers all commercial banks, including foreign bank branches in India.

Nirmala Sitharaman

29 Jul 2021

DICGC Amendment Bill gets Cabinet approval, up to 5 lakhs to remain safe in case of banks shut

The Union Cabinet on Wednesday approved the Deposit Insurance and Credit Guarantee Corporation Bill, 2021, which proposes to provide relief to small depositors by providing guarantees on their life savings. According to Finance Minister Nirmala Sitharaman, the bill will increase the sum insured in both principal and interest on bank deposits of each depositor to Rs 5 lakh.

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