BANKING AFFAIRS

Detailed explanation-1: -Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI). It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.

Detailed explanation-2: -Fully owned: Deposit Insurance and Credit Guarantee Corporation of India (DICGC), Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology and Allied Services (IFTAS), Reserve Bank Innovation Hub (RBIH).

Detailed explanation-3: -The Reserve Bank of India has four such fully owned subsidiaries.

Detailed explanation-4: -In 1978, the DIC and the CGCI were merged to form the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Detailed explanation-5: -DICGC-About Us-Board Of Directors. Nominated by the Reserve Bank of India under Section 6(1)(a) of The Deposit Insurance and Credit Guarantee Corporation Act, 1961. Joint Secretary, Department of Financial Services, Ministry of Finance, Government of India, New Delhi.