Some important Subsidiaries of RBI,NABARD and GIC-
Subsidiary of Reserve Bank of India (RBI):-
(1) Deposit Insurance and Credit Guarantee Corporation (DICGC):- Deposit Insurance Corporation of India was set up in 15 July 1978, Under an act of Parliament, to act as a safeguard for protection of bank depositors' interest. After nationalization, it came to be known as Deposit Insurance and Credit Guarantee Corporation. It insures deposits of the public up to rupees 1 lac in an insured banks and eligible cooperative banks in india . For availing of the insurance benefit, insured banks pay an insurance premium at a flat rate to the corporation. DICGC settles claims upon liquidation of a bank.
(2) Bhartiya Reserve Bank Note Mudran Private Limited(BRBNMPL):- It was established in 3 fabuary 1995 with the objective of increasing the production of bank notes, in order to narrow the divide between supply and demand for bank notes. Located at Bengaluru, this is a public limited company with printing presses at Mysore and Salboni( west Bengal). RBI has also set up autonomous institutions such as- National Institute for Bank Management (Pune). Indra Gandhi Institute for Development Research ( Mumbai). Institute for Development and Research in Banking and Technology (Hyderabad).
(3) National Housing Bank (NHB):- National Housing Bank, set up in 9 July 1988 is wholly owned by Reserve Bank of India as the entire paid up capital was contributed by RBI. The Function of NHB is to operate as the principal agency to promote housing finance at the local and regional levels. It is also responsible for ensuring stability in the housing finance market. It also introduced the concept of reverse mortgage scheme meant for senior citizens. DICGC: Head Quarter- Mumbai. Established in - 15 July 1978 . BRBNMPL: Established in- 3 fabuary 1995. It have two Printing presses (i) Mysore (Karnataka) ( ii) Salboni(west Bengal). NHB: Head Quarter- New Delhi. Established in- 9 July 1988 .
Subsidiary of National Bank for Agricultural and Rural Development (NABARD): NABCONs,NABFINs, BIRD,LITF,RIDF and ABFL.
NABCONs:Nabard Concentency to Nabard.
NABFINs: Nabard Financial Services Limited, it relates to financial matter of Nabard . it is non deposit taking non banking financial company rasistered under RBI and operates to outside India.
RIDF: Rural Infrastructure Development Fund,it is fund created under Nabard . Announced in Union Budget 1999-96.
BIRD: Banker's Institute of rural Development, it is associate body of Nabard .
LongTerm integration fund.(LTIF): it is fund under Nabard announced in 2016-17 Union Budget with the allocation of Rupees 20,000Cr.
ABFL: Agribusiness finance Limited made a subsidiary of NABARD same time but now it has been removed.
Subsidiary of General Insurance Company (GIC):
National Insurance Company Limited (NICL)- Head Quarter- Kolkata,
Oriental Insurance Company Limited (OICL)-Head Quarter-New Delhi,
New India Assurance Company Limited (NIACL)-Head Quarter- Mumbai,
United India Insurance Company Limited (UIICL)-Head Quarter-Chennai.
Subsidiary of Life insurance Company (LIC): LIC housing finance, LIC Nomura Mutual Fund, LIC International, LIC Card Services, LIC Pension Fund Limited etc. Note: RBI established in 1st April 1935, head quarter - Mumbai. GIC established in 1972 , head quarter - Mumbai. LIC established in 1st September 1956 , Head quarter- Mumbai. Subsidiaries of SBI please click here