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DICGC hikes premium
By Our Special Correspondent
CHENNAI,
MARCH 16.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) has decided to raise the deposit insurance premium to 10 paise per Rs.100 from five paise per Rs.100 of assessable deposit per annum.
The premium will be raised in two phases over a period of two years, according to a release by the Reserve Bank of India.
In the first phase, the premium rate will be increased to eight paise from five paise per annum per Rs.100 of assessable deposits for 2004-05. In the second phase, the deposit insurance premium will be increased to 10 paise per annum per Rs.100 of assessable deposits from eight paise, which will be effective from 2005-06.
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