The government has nominated Nabard Chairman Harsh Kumar Bhanwala on the board of Deposit Insurance and Credit Guarantee Corportion (DICGC).
The central government hereby nominates Harsh Kumar Bhanwala as a director on the board of DICGC with effect from June 12, 2017, a Finance Ministry notification said.
DICGC, a wholly-owned subsidiary of RBI, provides deposit insurance cover at a flat rate of Rs 1,00,000. Under DICGC insurance norms, a maximum of Rs 1 lakh is paid to a depositor in case of failure of banks to repay the deposit.
Set up in 1982, National Bank for Agriculture and Rural Development Bank (Nabard) promotes sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institution development and other innovative initiatives.
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