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Deposit Insurance And Credit Guarantee Corporation

The Indian Financial System Code in short denoted as IFSC Code is an 11 digit code with alphanumeric characters given by RBI to all the bank branches in India. These codes help to transfer money from one bank branch to another. It ensures that the transferred funds go to the right account without any errors.

These codes help the users to ensure that the transferred funds go to the right person, without any errors.

For example, we can take the IFSC code: "DICG0000002" of the Deposit Insurance and Credit Guarantee Corporation branch in Fort Branch, Mumbai, Maharashtra. This IFSC code can be used for online money transactions via NEFT, RTGS and IMPS to any Deposit Insurance and Credit Guarantee Corporation account or to other bank accounts.

  • Here, the first four alphabets, DICG, indicate the bank name, i.e., Deposit Insurance and Credit Guarantee Corporation.
  • The fifth digit is 0 (zero) - provided for future use.
  • The last six digits 000002 - denotes a particular branch of Fort Branch, Mumbai, Maharashtra.

IFSC is used for online payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IPM), from one bank to another through electronic Instant Mobile Money Transfer service (IMPS), and Centralized Funds Management System (CFMS) instructed by RBI.

According to RBI guidelines, the IFSC code is mandatory for interbank transfers via NEFT and RTGS to any bank in India. With help of IFSC codes and MICR codes, the online fund transfers are made easy without any confusion. This code helps to avoid the risk factor while sending and receiving funds through banks in our country and it makes sure that the money reaches the right account holder at the specified branch.

Easy way to find Deposit Insurance and Credit Guarantee Corporation IFSC Code and MICR Code?

If the customer knows the full name of the bank and its branch location, then it is easy to find IFSC codes and MICR codes within a few seconds. The customer can find MICR codes and IFSC codes which are printed on passbook and cheque books/ leaves issued by Deposit Insurance and Credit Guarantee Corporation.

The website of Reserve Bank of India also offers the entire list of IFSC codes of the banks. The customers can also enter on the bank's official website. Some of the third-party financial websites or other advertisement websites are also rendering the service to get IFSC codes of any bank and its branches located in India.

Some of the popular financial comparison sites display the table carrying IFSC codes for Deposit Insurance and Credit Guarantee Corporation branches throughout India. Any account holder visiting the website can choose the Bank IFSC code link present on the home page. Customers by clicking the link will lead to another page where four columns are displayed. Customers must feed some bank details like the state and district in which it is located and branch name to get IFSC codes or MICR codes for Deposit Insurance and Credit Guarantee Corporation. The website displays all details about the bank such as the phone number, address of the branch, name, branch code etc.

Deposit Insurance And Credit Guarantee Corporation Branch Details

ABOUT DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION

  • In 1948, for the first time the concept of insuring deposits kept with banks received attention after the banking crises in Bengal. In 1949, the Reserve Bank of India ensured adequate arrangements for inspection of banks. In 1950, the Rural Banking Enquiry Committee also supported the concept. In 1960, after the crash of the Palai Central Bank Limited and the Laxmi Bank Limited, the RBI and the Central Government took it seriously. The Deposit Insurance Corporation (DIC) Bill was introduced in the Parliament on 21 August 1961. It was passed in Parliament and sent to the President on 7 December 1961 and the Deposit Insurance Act, 1961 came into force on 1 January 1962.

  • Initially, the Deposit Insurance Scheme was extended to functioning commercial banks only. Since 1968, with the enactment of the Deposit Insurance Corporation (Amendment) Act, 1968, the Corporation has been required to register the 'eligible co-operative banks' as insured banks under the provisions of Section 13 A of the Act.

  • An eligible co-operative bank means a co-operative bank (whether it is a State co-operative bank, a Central co-operative bank or a Primary co-operative bank) in a State which has passed the enabling legislation amending its Co-operative Societies Act, requiring the State Government to vest power in the Reserve Bank to order the Registrar of Co-operative Societies of a State to wind up a co-operative bank or to supersede its Committee of Management and to require the Registrar not to take any action for winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the Reserve Bank of India.

  • The Government of India in consultation with the Reserve Bank of India, introduced a Credit Guarantee Scheme in July 1960. The Reserve Bank of India was entrusted with the administration of the Scheme, as an agent of the Central Government, under Section 17 (11 A) (a) of the Reserve Bank of India Act, 1934 and was designated as the Credit Guarantee Organization (CGO) for guaranteeing the advances granted by banks and other Credit Institutions to small scale industries. The RBI operated the scheme up to March 31, 1981.

  • The RBI also promoted a public limited company on January 14, 1971, named the Credit Guarantee Corporation of India Ltd. (CGCI) was aimed at encouraging the commercial banks to cater to the credit needs of the hitherto neglected sectors, particularly the weaker sections of the society engaged in non-industrial activities, by providing guarantee cover to the loans and advances granted by the credit institutions to small and needy borrowers covered under the priority sector.

  • To integrate the functions of deposit insurance and credit guarantee, these two organizations (DIC & CGCI) were merged and the present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on 15 July 1978. At the same time, the title of Deposit Insurance Act, 1961 was changed to 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961 '.

  • From 1 April 1981, the Corporation extended its guarantee support to credit granted to small scale industries also, after the cancellation of the Government of India's credit guarantee scheme. From 1 April 1989, guarantee cover was extended to the entire priority sector advances, as per the definition of the Reserve Bank of India. From 1 April 1995, all housing loans have been excluded from the purview of guarantee cover by the Corporation.

MISSION AND VISION

The mission of the Deposit Insurance and Credit Guarantee Corporation is to contribute to financial stability by securing public confidence in the banking system through provision of deposit insurance, particularly for the benefit of the small depositors. The vision is to be recognised as one of the most efficient and effective deposit insurance providers, responsive to the needs of its stakeholders.

ADDRESS
Deposit Insurance and Credit Guarantee Corporation
Reserve Bank of India,
2nd Floor, Opp. Mumbai Central Railway Station,
Byculla, Mumbai - 400 008, India
contact: 022-2302 6400, 022-2301 9570

Deposit Insurance And Credit Guarantee Corporation Maharashtra Branch IFSC Code