Deposit Insurance and Credit Guarantee Corporation

An Act of Parliament established the Deposit Insurance Corporation on 1 January 1962. With effect from 15 July 1978, it took over the undertaking of the Credit Guarantee Corporation of India Limited, a public limited company promoted by Reserve Bank of India on 14 January 1971 with a view to integrating the twin and cognate functions of giving insurance protection to small depositors in banks and providing guarantee cover to credit facilities extended to certain categories of small borrowers particularly those belonging to the weaker sections of the society. With the integration of the two organisations, the Corporation was renamed as the Deposit Insurance and Credit Guarantee Corporation. From 1 April 1981, it extended its guarantee support to credit granted to small-scale industries also, after cancellation of Government of India's scheme in that behalf.