List of banks covered under DICGC

DICGC is the abbreviation for Deposit Insurance and Credit Guarantee Corporation. It is an organisation functioning under the RBI in India. Its main aim is to protect the money that you deposit in a bank. In case a bank fails to give your money back, this corporation steps in. As a banker, I therefore suggest you to deposit money in banks that are covered under DICGC. You better be aware of which banks are covered under DICGC and deposit money in those banks only.

List of Insured Banks Under DICGC 2023

The list of banks covered are DICGC are:

• Bank of Baroda

• Bank of India

• Canara Bank

• Central Bank of India

• Punjab National Bank

• State Bank of India

• UCO Bank

• Union Bank of India

• Bank of Maharashtra

• Indian Bank

• Indian Overseas Bank

• Punjab and Sind Bank

• Axis Bank Ltd

• Bandhan Bank Limited

• City Union Bank Ltd.

• Federal Bank Ltd.

• HDFC Bank Ltd

• ICICI Bank Limited

• IDBI Bank Ltd.

• CSB Bank Limited

• DCB Bank Ltd.

• Dhanalakshmi Bank Ltd.

• IDFC First Bank Limited

• Indusind Bank Ltd

• Karur Vysya Bank Ltd.

• Kotak Mahindra Bank Ltd.

• Nainital Bank Ltd.

• RBL Bank Limited

• Jammu and Kashmir Bank Ltd.

• Karnataka Bank Ltd.

• South Indian Bank Ltd.

• Tamilnad Mercantile Bank Ltd.

• Yes Bank Ltd.

• North East Small Finance bank Ltd

• Ujjivan Small Finance Bank Limited

• Fincare Small Finance Bank Ltd

• Equitas Small Finance Bank Limited

• Utkarsh Small Finance Bank Limited

• Shivalik Small Finance Bank

• Unity Small Finance Bank

• Jana Small Finance Bank Limited

• Esaf Small Finance Bank Ltd.

• Suryoday Small Finance Bank Limited

• Capital Small Finance Bank Limited

• Au Small Finance Bank Ltd.

• Airtel Payments Bank Limited

• Fino Payment Bank LTD

• Jio Payments Bank Limited

• India Post Payments Bank Limited

• Paytm Payments Bank Limited

• NSDL Payments Bank Limited

• CTBC Bank Co., Ltd

• Industrial Bank Of Korea

• JSC VTB Bank

• Sberbank

• Mizuho Bank Ltd.

• AB Bank Limited

• Bank of America, National Association.

• Bank of Bahrain and Kuwait B. S. C

• Bank of China Limited

• Barclays Bank P. L. C

• Australia and New Zealand Banking Group Limited

• B N P Paribas

• CITI Bank

• Sumitomo Mitsui Banking Corporation

• American Express Banking Corp.

• Kookmin Bank

• Cooperative Rabobank U.A.

• Credit Agricole Corporate And Investment Bank

• Credit Suisse Ag

• DBS Bank India Limited And Others

So this is the latest DICGC bank list 2023. 

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In today's fast-paced world, picking a bank to keep your money safe is extremely crucial. It might be difficult to decide which bank to trust when there are so many of them around. The Deposit Insurance and Credit Guarantee Corporation (DICGC) can be useful in this situation. Your money is safeguarded in Indian banks in a similar manner to a safety net. You will get to know DICGC full form in banking in this answer.

What is DICGC?

In India, the RBI oversees the Deposit Insurance and Credit Guarantee Corporation (DICGC). It safeguards the money you place in bank accounts. The DICGC comes in to assist you if a bank experiences difficulties and is unable to return your money. If something goes wrong with the bank, they guarantee sure you receive your money up to Rs. 5,00,000 so you won't lose everything. It protects your money by acting as insurance for your bank deposits.

What is the RBI DICGC bank list?

List of banks under DICGC which are public sector banks:

• Bank of Baroda

• Bank of India

• Bank of Maharashtra

• Canara Bank

• Central Bank of India

• Indian Bank

• Indian Overseas Bank

• Punjab and Sind Bank

• Punjab National Bank

• State Bank of India

• Uco Bank

• Union Bank of India

• This is the DICGC bank list in India.

Which banks are not covered under DICGC?

DICGC approved banks include all cooperative banks. The DICGC does not provide insurance for primary cooperative societies.

I must have guided you well on DICGC full form in banking.

The DICGC is an entirely owned subsidiary of the RBI. It was established with the goal of protecting commercial banks' deposits and securing their credit lines. One of my colleagues was talking about this scheme and that’s when I asked her in detail. Deposits held by cooperative banks were added to the insurance coverage after the DICGC Act was amended in 1968. This guide is about the DICGC bank list.

DICGC insured banks list

The following is the DICGC list of insured banks:

• Adoor Cooperative Urban Bank Limited Kerala

• Bidar Mahila Urban Co-Op. Bank, Karnataka

• City Co-Operative Bank Ltd., Maharashtra

• Hindu Cooperative Bank Limited, Pathankot, Punjab

• Kapol Co-Operative Bank Ltd., Maharashtra

• Maratha Sahakari Bank Limited, Mumbai, Maharashtra

• Millath Cooperative Bank Ltd., Karnataka

• Needs Of Life Co-Operative Bank Ltd., Maharashtra

• Padmashree Dr Vithal Rao Patil, Maharashtra

• People's Cooperative Bank Ltd., Kanpur, Uttar Pradesh.

• Punjab and Maharashtra Co-Op. Bank Ltd.

• Rupee Co-Operative Bank Ltd., Maharashtra

• Shri Anand Cooperation Bank Ltd., Pune, Maharashtra

• Sikar Urban Co-Op Bank Limited, Rajasthan

• Niyamitha Karnataka's Sri Gururaghvendra Sahakara Bank

• The Mudhol Co-Operative Bank Ltd., Karnataka

• Mantha Urban Cooperative Bank Ltd., Maharashtra

What is the DICGC list of insured banks?

1) Commercial Banks

The DICGC insures all commercial banks, including Indian branches of international banks, neighbourhood banks, and local rural banks.

2) Cooperatives Banks

All central, state and primary cooperative banks, also known as urban cooperative banks, operate in states and union territories. They have revised their respective local cooperative society’s acts to give the Reserve Bank of India (RBI) the authority. It is to direct the registrar of cooperative societies of the state or union territory. It will help to end up working in a cooperative bank or replace its panel of administration. And also to refuse the registrar from taking any action concerning locking up or merging. The DICGC currently covers all cooperative banks, with the exception of those from the states of Meghalaya, Chandigarh, Lakshadweep, Dadra and Nagar Haveli.

How can depositors get their insurance money back when the bank fails?

If a bank fails, the depositors cannot file a claim with the DICGC immediately. In the case of a bank failure, the trustees of the failed bank shall submit a claim for insurance payout to DICGC using a specific procedure. The DICGC is not required to pay the depositors personally. Instead, it must make the claim settlement to the administrator.

You are now aware of the DICGC bank list.