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What is ₹5 lakhs DICGC insurance?

Deposit Insurance and Credit Guarantee Corporation (DICGC)  is an RBI subsidiary that provides insurance cover for deposits and guarantees credit facilities. Currently, the DICGC coverage is ₹5 lakh per account (separately for accounts in separate banks) . In case the bank goes under liquidation or loses its licence, the bank account holders will receive up to the insured amount for that account.

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