Section 15 of DICGC Act, 1961 : Section 15: Premium
DICGC Act, 1961
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Explanation using Example
Imagine a local bank named "Community Savings Bank" is registered as an insured bank with the Deposit Insurance and Credit Guarantee Corporation (DICGC). As per Section 15 of the DICGC Act, 1961, Community Savings Bank is required to pay a premium to the Corporation to insure its deposits.
In this scenario, the bank would calculate the premium based on the total amount of deposits it holds at the end of a specified period. For example, if the bank has deposits totaling ₹1,00...
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