Deposit insurance and Credit Guarantee Corporation - Wikipedia Deposit insurance and Credit Guarantee Corporation This article needs more links to other articles to help integrate it into the encyclopedia. Please help improve this article by adding links that are relevant to the context within the existing text. ( November 2013 ) Deposit Insurance and Credit Guarantee Corporation ( DICGC ) is a subsidiary of Reserve Bank of India. It was established on 15 July 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000 of each deposits in a bank. Legal framework / objective The functions of the DICGC ( deposit insurance and credit guarantee corporation ) are governed by the provisions of ' The Deposit Insurance and Credit Guarantee Corporation Act, 1961 ' ( DICGC Act ) and ' The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961 ' framed by the Reserve Bank of India in exercise of the powers conferred by sub-section ( 3 ) of Section 50 of the said Act. A maximum of Rs 1, 00,000 is insured for each user for both principal and interest amount. If the customer has accounts in different banks, they all account are insured to a maximum of Rs 1, 00,000. However, if there are more accounts in same bank, they all are treated as a single account. The insurance premium is paid by the insured banks itself. This means that the benefit of deposit insurance protection is made available to the depositors or customers of banks free of cost. The Corporation has the power to cancel the registration of an insured bank if it fails to pay the premium for three consecutive half - year periods. The Corporation may restore the registration of the bank, which has been de-registered for non-payment of premium, if the concerned bank makes a request in this behalf and pays all the amounts due by way of premium from the date of default together with interest. References Jump up ^ `` Srikrishna panel insists on single unified regulator in financial sector ''. Business Standard. 2013 - 03 - 21. Retrieved 2013 - 11 - 23. Jump up ^ `` About Us - Profile ''... Dicgc. Retrieved 2013 - 11 - 23. External links DICGC Retrieved from `` https://en.wikipedia.org/w/index.php?title=Deposit_Insurance_and_Credit_Guarantee_Corporation&oldid=795131356 '' Categories : Banking in India Reserve Bank of India Financial services companies based in Mumbai Deposit insurance Hidden categories : Use dmy dates from October 2015 Use Indian English from October 2015 All Wikipedia articles written in Indian English Articles with too few wikilinks from November 2013 All articles with too few wikilinks Articles covered by WikiProject Wikify from November 2013 All articles covered by WikiProject Wikify Talk About Wikipedia Add links This page was last edited on 12 August 2017, at 06 : 19. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: who pay the cost of deposit insurance with digcc
Answer: the insured banks