Dicgc Act

Posted on by admin
Dicgc Act Rating: 4,2/5 8782 reviews

Read latest news and live updates on Dicgc-act including breaking news on Dicgc-act,Dicgc-act photos,Dicgc-act videos and many more at cnbctv18.com. Consequently, the title of Deposit Insurance Act, 1961 was changed to 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961 '. Effective from April 1, 1981, the Corporation extended its guarantee support to credit granted to small scale industries also, after the cancellation of the Government of India's credit guarantee scheme.

Dicgc rules

Dicgc Chairman

New Delhi, Feb. Feb 1 (IANS): The government will provide full security of deposits made by bank customers by carrying amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 in the current session of Parliament.

The amendment will increase the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakhs for bank customers. This would mean that if a bank is temporarily unable to fulfil its obligations towards deposits, the depositors of such a bank can get easy and time-bound access to their deposits to the extent of the deposit insurance cover.

Last year, Government had approved an increase in the Deposit Insurance limit for bank customers. The amendment to the Act will now give legal cover to such insurance.

'I shall be moving amendments to the DICGC Act, 1961 in this Session itself to streamline the provisions This would help depositors of banks that are currently under stress,' finance minister Nirmala Sitharaman said in the budget speech.

The Finance Minister further said that to improve credit discipline while continuing to protect the interest of small borrowers, the minimum loan size eligible for debt recovery in the case of NBFCs is being reduced.

Dicgc Act

For NBFCs with minimum asset size of Rs 100 crores, the minimum loan size eligible for debt recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is proposed to be reduced from the existing level of Rs 50 lakhs to Rs 20 lakhs.