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    Question

      Which of the following is not the subsidiary of RBI ?

    A Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Correct Answer Incorrect Answer
    B Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) Correct Answer Incorrect Answer
    C Reserve Bank Information Technology Private Limited (ReBIT) Correct Answer Incorrect Answer
    D Indian Financial Technology and Allied Services (IFTAS) Correct Answer Incorrect Answer
    E All are subsidiaries Correct Answer Incorrect Answer

    Solution

    DICGC ·         DICGC stands for Deposit Insurance And Credit Guarantee Corporation. ·         It ensures the money of the bank deposit holders if the bank fails to pay. ·         The maximum amount insured by DICGC was ₹ 1 lakh till the 4th February 2020. ·         After that, In the FY-2020 Budget, the insured amount was increased to ₹ 5 lakh in the wake of the Punjab and Maharashtra Cooperative Bank crisis. ·         It was established under the DICGC act 1961, on 15th July 1978. ·         All commercial bank including branches of a foreign bank in India, local area bank and RRB are insured by DICGC ·         However, NBFC and primary cooperative society are not insured by RBI ·         DICGC insures all types of account. for instance, all the Current, fixed, saving and recurring bank accounts. ·         Dr. M.D. Patra is the current chairman of DICGC who is also Deputy Governor of RBI . BRBNMPL ·         BRBNMPL stands for Bharatiya Reserve Bank Note Mudran Private Limited. ·         Established in 1995 to address the demand and supply for banknotes. ·         It was registered as a Private Limited Company under the Companies Act of 1956 ·         The primary function of BRBNMPL is to print the banknotes for the Reserve Bank of India (RBI). ·         It operates with 2 presses, 1 in Mysore and 1 in Salboni. ·         The current capacity for both the presses is to print 16 billion note pieces per year on a 2-shift basis. ·         The MD of BRBNMPL is Shri Manas Ranjan Mohanty. ·         Headquarter: Bengaluru ReBIT ·         ReBIT Stands for Reserve Bank Information Technology Private Limited ·         ReBIT was established in July 2016 to improve the cyber resilience of the Indian banking industry. ·         It ensures the IT and cybersecurity requirement of the Indian banking industry ·         Mr Kiran Karnik is the Chairman of ReBIT IFTAS ·         IFTAS stands for Indian Financial Technology and Allied Services  ·         The primary function of IFTAS is to designs, deploys & provides essential IT-related services for the Reserve Bank of India and other financial institutions. ·         In conclusion, it enhances the digital infrastructure of the entire financial system. ·         IFTAS is established under Section 8 of the Indian Companies Act, 2013. ·         Mr T. Rabi Sankar is the current Chairman of IFTAS ·         Dr N Rajendran is the Chief Executive Officer of IFTAS ·         Headquarter: Mumbai  

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