Financial Resolution and Deposit Insurance ( FRDI ) bill and Common peoples of India ( Dr. Kanwar Singh) Few weeks back everyone was scared by the flashing newsfeeds about withdrawal of Deposit Insurance and Credit Guarantee Corporation (DICGC). DICGC is a subsidiary of Reserve Bank of India , came into existence for the purpose of providing insurance of deposits and guaranteeing of credit facilities to the band depositors. The concept of insuring deposits kept with banks received attention for the first time in the year 1948 by the Reserve Bank of India after the banking crises in Bengal. Subsequently, in the year 1950, the Rural Banking Enquiry Committee also supported the concept. Serious thought to the concept was, however, given by the Reserve Bank of India and the Central Government after the crash of the Palai Central Bank Ltd., and the Laxmi Bank Ltd. in 1960. The Deposit Insurance Corporation (DIC)
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Showing posts from December, 2017