Who insures banks in India?

a. IRDA

b. EXIM

c. DICGC

d. ECGC

ANSWER: DICGC

Explanation:

Deposit Insurance and Credit Guarantee Corporation (DICGC) insures the banks in India.

Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India.

It was established on 15 July 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for providing insurance of deposits and guaranteeing of credit facilities.

DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000 of each deposit in a bank.

DICGC - Deposit Insurance and Credit Guarantee Corporation

Founded : 15 July 1978

Headquarter : Mumbai, Maharashtra

Current Head : Shri N.S. Vishwanathan (Chairman - DICGC)