Only Rs 1 Lakh Insured if Banks Close Down? Here's All You Need to Know About Deposit Insurance Cover Scheme Amid PMC Bank Crisis
The DICGC, a wholly-owned subsidiary of the RBI, was established in 1978 by the central bank with the aim of safeguarding the savings of customers. All depositors are by default insured under DICGC, irrespective of whether their deposits are of savings, fixed, current or recurring nature.