National Bank for Agriculture and Rural Development (NABARD)
National Bank of Agriculture and Rural Development (NABARD) is one of the subsidiaries where the majority stake is held by the Reserve Bank. NABARD is an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts. It also has the mandate to support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas.
Deposit Insurance and Credit Guarantee Corporation (DICGC)
With a view to integrating the functions of deposit insurance and credit guarantee, the Deposit Insurance Corporation and Credit Guarantee Corporation of India were merged and the present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on July 15, 1978.Deposit Insurance and Credit Guarantee Corporation (DICGC), established under the DICGC Act 1961, is one of the wholly owned subsidiaries of the Reserve Bank. The DICGC insures all deposits (such as savings, fixed, current, and recurring deposits) with eligible banks except the following:
1) Deposits of the State Land Development Banks with the State co-operative bank;
2) Any amount due on account of-of any deposit received outside India;
3) Any amount, which has been specifically exempted by the corporation with the previous approval of RBI.
2) Any amount due on account of-of any deposit received outside India;
3) Any amount, which has been specifically exempted by the corporation with the previous approval of RBI.
Every eligible bank depositor is insured up to a maximum of Rs.1,00,000(Rupees One Lakh) for both principal and interest amount held by him.
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