The Deposit Insurance is the term belongs to protect bank depositors from losses caused by banks inability to pay it’s debts when due. Deposit Insurance Systems are one component of a financial system safety that promotes financial stability. In India Deposit insurance introduced in 1962, The Deposit Insurance Corporation (DIC) commenced functioning on 1st January 1962 under the subsidiary of Reserve Bank Of India (RBI).In 1971 witnessed the establishment of of another institution the Credit Guarantee Corporation of India Ltd.
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