The fully owned subsidiaries of RBI are as follows
a) Deposit Insurance and Credit Guarantee Corporation of India(DICGC)
b) Bharatiya Reserve Bank Note Mudran Private Limited(BRBNMPL)
c) National Housing Bank(NHB)
Deposit Insurance and Credit Guarantee Corporation of India(DICGC)
- With a view to integrating the functions of deposit insurance and credit guarantee, the Deposit Insurance Corporation and Credit Guarantee Corporation of India were merged and the present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on July 15, 1978.
- It was established under the DICGC Act 196.
- It ensures all deposits (such as savings, fixed, current, and recurring deposits) with eligible banks except some deposits that we will study in the chapter related to DICGC.
- RBI established BRBNMPL in February 1995 as a wholly-owned subsidiary to augment the production of bank notes in India and to enable bridging of the gap between supply and demand for bank notes in the country.
- It has been registered as a Public Limited Company under the Companies Act, 1956 with its Registered and Corporate Office situated at Bengaluru.
National Housing Bank(NHB)
NHB was set up on July 9, 1988 under the National HousingBank Act, 1987 as a wholly-owned subsidiary of the Reserve Bank to act as an apex level institution for housing.