Deposit Insurance and Credit Guarantee Corporation (DICGC) & National Housing Bank

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Deposit Insurance and Credit Guarantee Corporation (DICGC)

Bank Insure the deposited amount.12 Paisa per ₹ 100. Insurance up to 5 lakhs. DICGC give guarantee for development loan (Agriculture, Atma nirbar Bharath, Mudra Loan [MSLP loan])
  • It is a subsidiary of Reserve Bank of India.
  • It was established on 1961 under DICGC 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. 5,00,000 of each deposits in a bank.
  • Each depositor in a bank is insured up to a maximum of 5,00,000 (Rupees Five Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation / cancellation of bank's licence or the date on which the scheme of amalgamation / merger / reconstruction comes into force.
  • DICGC charges 12 paise per ₹100 of deposits held by a bank. The premium paid by the insured banks to the Corporation is paid by the banks and is not to be passed on to depositors.
  • DICGC last revised the deposit insurance cover to ₹5 lakhs in Feb, 2020, raising it from ₹1 lakh since 1993.
  • There are some exceptions like deposits of foreign governments, deposits of Central/ State Governments, deposits of State Land Development Banks with State co-operative banks, and inter-bank deposits.
Financial Resolution and Deposit Insurance Bill 2017.
(Bill for remove the depositary Insurance. Due to Protest, Govt withdrew the proposal).
  • The bill has suggested that the use of the „bail-in’ provision may result in cancellation of a liability, which could extend to bank deposits or could lead to modification of the terms or changing the form of the asset class. This provision would be last in the line for payments in case of liquidation
  • But this provision got wide spread criticism and hence government withdrew the proposal.
National Housing Bank
Regulating all Housing loan by Bank & Other Financial Institution.
Refinancing the housing loan institution (Ex: If Housing loan company need money to give housing loan they can buy in National Housing Bank).
Supervision by Finance Minister & Regulation under RBI (Ownership, Personal affairs by Finance Ministry & Banking & Loan Related bone by RBI)
  • It was set up on July 9, 1988 under the National Housing Bank Act, 1987 as a wholly-owned subsidiary of the Reserve Bank to act as an apex level institution for housing.
  • NHB has been established to achieve, among other things, the following objectives:
  • To promote a sound, healthy, viable and cost effective housing finance system to all segments of the population and to integrate the housing finance system with the overall financial system.
  • NHB is wholly owned by Govt. of India as after 24 April 2019 (Before it under RBI) notification of RBI, which contributed the entire paid-up capital.
  • The general superintendence, direction and management of the affairs and business of NHB vest, under the Act, in a Board of Directors. The Head office of NHB is at New Delhi.
Functions
  • To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups.
  • To augment resources for the sector and channelize them for housing.
  • To make housing credit more affordable.
  • To regulate the activities of housing finance companies based on regulatory and supervisory authority derived under the Act.
  • To encourage augmentation of supply of buildable land and also building materials for housing and to upgrade the housing stock in the country.
  • To encourage public agencies to emerge as facilitators and suppliers of serviced land for housing. 

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