QUESTION LIST

DWQA QuestionsWhich banks are insured by the DICGC?
admin Staff asked 1 year ago

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.

Cooperative Banks: All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories which have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the Reserve Bank are covered under the Deposit Insurance System. At present all co-operative banks other than those from the States of Meghalaya, and the Union Territories of Chandigarh, Lakshadweep and Dadra and Nagar Haveli are covered under the deposit insurance system of DICGC.

Primary cooperative societies are not insured by the DICGC.

Ravi replied 1 year ago

Thank You for information

DR.JATIN NAIK replied 4 months ago

ALL BANKS ARE MANDATORY PAID INSURANCE PREMIUM OF DICGC.

1 Answers
admin Staff answered 1 year ago

DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION OF INDIA

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