Meaning and Purpose
The Deposit Insurance and Credit Guarantee Corporation (DICGC) protects bank depositors’ money.Definition and Overview
DICGC, **full form** Deposit Insurance and Credit Guarantee Corporation, is a wholly-owned subsidiary of the Reserve Bank of India (RBI). Its **meaning** is to provide deposit insurance for various bank accounts.How It Protects Depositors
Its purpose is to insure deposits across banks. If a bank fails, DICGC compensates depositors, safeguarding their funds and maintaining public confidence in the banking system.Scope and Coverage Limits
DICGC covers commercial, cooperative, and regional rural banks. Each depositor is insured up to ₹5 lakh (principal and interest combined) per bank, ensuring a safety net.Author
