The deposit insurance system in India is subject to the Provisions of Deposit Insurance Act (enacted in 1961). Deposit Insurance and Credit Guarantee Corporation (DICGC) is the body that operates the deposit insurance system.



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Commercial Banks:

All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.


Co-Operative Banks:

All State, Central and Primary Co-Operative banks, also called Urban Co-Operative banks, functioning in States/Union Territories which have amended the Local Co-Operative Societies Act, empowering the Reserve Bank of India (RBI) to order the Registrar of Co-Operative Societies of the State/Union Territory to wind up a Co-Operative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a Co-Operative bank without prior sanction in writing from the Reserve Bank are covered under the Deposit Insurance Scheme. At present all Co-Operative banks other than those from the States of Meghalaya, Mizoram, Nagaland, and the Union Territories of Chandigarh, Lakshadweep and Dadra & Nagar Haveli are covered under the Deposit Insurance Scheme of DICGC.


Primary Co-Operative societies are not insured by the DICGC.