insurance · In Force

DICGC Act 1961

2021: Rs 5 lakh deposit insurance per depositor per bank. 90-day claim settlement when bank placed under restrictions. Triggered by PMC Bank crisis. Premium paid by banks.

Amended: 2021
Ministry: Ministry of Finance

Key provisions and changes

Rs 5 lakh insurance limit
90-day claim settlement
All bank types covered
Premiums paid by banks
PMC Bank crisis prompted reform