DICGC means Deposit Insurance and Credit Guarantee Corporation established for providing insurance of deposits and guaranteeing of credit facility.
In 1961 deposit insurance act was passed in parliament and act came into force in Jan 1, 1962 as per RBI sugession.
In July 1961, Government of India in constitution with RBI, introduced Credit Guerantee corporation of India (CGIL).
In July 15, 1978 both Deposit Insurance Corporation and Credit Guarantee Corporation of India were merged to form DICGC.
The main purpose is in event of bank failure, DICGC protects bank deposits that are payable in India. It insures all deposits like savings, fixed, current, recurring etc........
The deposits from foreign, Indian and state government are excempted. Deposits payable outside India are excempted. Bank payment also excerpted.
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