Insured

Deposit Insured in India, if Bank Fails

Posted by on July 13, 2010
Financial services / No Comments

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Excerpt: Deposit insured in India, if bank fails                                      – S. C. Ojha                      The depositors are secured in India if a bank fails. In India norms of banking is very strict and monitoring system is in direct control of country’s central bank Reserve Bank Of India.                      In the beginning in 1961 an act came into existence the Deposit Insurance Act, 1961 and made effective on January1, 1962.  Up to 1977 two organizations the DIC & CGCI were looking after the function of deposit insurance and credit monitoring. The present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into…

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