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Deposit Insurance and Credit Guarantee Corporation

The introduction of credit guarantee schemes by the erstwhile Credit Guarantee Corporation of India Limited was part of a series of measures taken since the late sixties aimed at encouraging the commercial banks to cater to the late requirements of the hitherto neglected sectors, particularly weaker sections of society. In the wake of the social control measures initiated in 1968 followed by nationalization of major commercial banks, the banks were required to ensure an increased flow of credit to smaller borrowers who found it difficult to have access to institutional credit. While there was an increasing awareness among banks of the need to provide more credit to such borrowers, certain practical difficulties were encountered. The Credit Guarantee Corporation of India Ltd., was thus visualised as an agency to provide a simple but wide-ranging system of guarantees for loans granted by credit institutions to such small and needy borrowers.

With a view to integrate the twin and cognate functions of deposit insurance and credit guarantee, the Credit Guarantee Corporation of India Limited and the Deposit Insurance Corporation were merged in July 1978 and the corporation was renamed as the Deposit Insurance and Credit Guarantee Corporation.

The Head Office of the DICGC is located at:

Marshall Building Annexe, 3rd Floor, Shooraji Vallabhdas Marg, Mumbai 400 001

It has branch offices at Calcutta, Madras, New Delhi and Nagpur.

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