The Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of the Reserve Bank of India responsible for providing insurance for bank deposit holders when the banks fail to pay them. This agency insures all kinds of deposit accounts like savings, current, recurring and fixed deposits. It functions in accordance with the DICGC Act, 1961. This legislation will be amended during the upcoming monsoon session to ensure timely support for depositors of stressed banks.


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