RBI's subsidiary DICGC to revamp 50-year-old deposit insurance scheme

Deposit insurance was last revised on May 1, 1993, after the collapse of the Bank of Karad

The Deposit Insurance and Credit Guarantee Corporation (DICGC) — a subsidiary of the Reserve Bank of India — is to revamp the country’s 50-year-old deposit insurance scheme by the end of this year.

“The DICGC board has kick-started the process and will submit its report to the finance ministry. It will be taken up at the next central bank board meeting as and when it is scheduled. Hopefully, it (the DICGC report) should be ready by then,” said a top-level source. He said the DICGC’s board is currently looking at “datasets, and has asked for more time to finalise its