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Page I to X.P65 DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (Wholly owned subsidiary of the RBI, established under the DICGC Act, 1961) Head Office : Reserve Bank of India, 2nd Floor, Opp. Mumbai Central Railway Station, Byculla, Mumbai – 400 008. INDIA www.dicgc.org.in 48th Annual Report of the Board of Directors Balance Sheet and Accounts for the year ended 31st March 2010 Mission To contribute to financial stability by securing public confidence in the banking system through provision of deposit insurance, particularly for the benefit of the small depositors. VisionVision To be recognised as one of the most efficient and effective deposit insurance providers, responsive to the needs of its stakeholders. ii Contents Page No. 1. Letters of Transmittal ......................................................................... iv - v 2. Board of Directors ............................................................................. vi 3. Organisation Chart ............................................................................ vii 4. Contact information of the Corporation ............................................ viii 5. Principal Officers of the Corporation ................................................ ix 6. Abbreviations..................................................................................... x 7. Highlights - Deposit Insurance Progress at a glance ....................... xi - xiii 8. An overview of DICGC ...................................................................... 1 - 5 9. Management Discussion and Analysis ............................................. 6 - 16 10. Directors' Report ............................................................................... 17 - 28 11. Annexes to Directors' Report ........................................................... 29 - 50 12. Auditors’ Report................................................................................. 51 13. Balance Sheet and Accounts............................................................ 52 - 63 iii (Yeejleer³e efjpeJe& yeQkeÀ keÀer mebHetCe& mJeeefcelJeJeeueer men³eesieer Wholly owned subsidiary of the Reserve Bank of India) www.dicgc.org.in DICGC/SD/1627/01.01.16 / 2010-11 June 28, 2010 LETTER OF TRANSMITTAL (To the Reserve Bank of India) The Chief General Manager and Secretary Secretary’s Department Reserve Bank of India Central Office Central Office Building Shahid Bhagat Singh Road Mumbai - 400 001. Dear Sir / Madam, Balance Sheet, Accounts and Report on the Working of the Corporation for the year ended 31st March 2010 In pursuance of the provisions of Section 32(1) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, I am directed by the Board of Directors to forward herewith a signed copy each of : st (i) the Balance Sheet and Accounts of the Corporation for the year ended 31 March 2010 together with the Auditors’ Report, and st (ii) the Report of the Board of Directors on the working of the Corporation for the year ended 31 March 2010. 2. The printed copies of the Annual Report of the Corporation will be sent to you shortly. Yours faithfully, (Kumudini Hajra) Secretary Encls: As above Yeejleer³e efj]peJe& yeQkeÀ efyeefu[bie, otmejer cebef]peue, cegbyeF& meWì^ue jsuJes mìsMeve kesÀ meeceves, cegbyeF& meWì^ue, cegbyeF&-400008. ìsefueHeÀesve meb.ë 022-23019570 HewÀkeÌmeë 022-23018165, 23015662 F&-cesueë [email protected] Reserve Bank of India Building, Second Floor, Opp. Mumbai Central Railway Station, Post Box No. 4571, Mumbai Central, Mumbai-400008. Tel. No. 022-23019570 Fax: 022-23018165, 23015662 e-mail: [email protected] efnvoer Deemeeve nw, FmekeÀe He´³eesie yeæ{eFS iv (Yeejleer³e efjpeJe& yeQkeÀ keÀer mebHetCe& mJeeefcelJeJeeueer men³eesieer Wholly owned subsidiary of the Reserve Bank of India) www.dicgc.org.in DICGC/SD/1634/01.01.16 / 2010-11 June 28, 2010 LETTER OF TRANSMITTAL (To the Government of India) The Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs, (Banking Division), Jeevan Deep Building, Parliament Street, New Delhi - 110 001. Dear Sir, Balance Sheet, Accounts and Report on the Working of the Corporation for the year ended 31st March 2010 In pursuance of the provisions of Section 32(1) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, I am directed by the Board of Directors to forward herewith a signed copy each of : st 1. (i) the Balance Sheet and Accounts of the Corporation for the year ended 31 March 2010 together with the Auditors’ Report, and st (ii) the Report of the Board of Directors on the working of the Corporation for the year ended 31 March 2010. 2. Copies of the material mentioned as at serial no. (i) above (i.e., Balance Sheets, Accounts and Report on the Working of the Corporation) have been furnished to the Reserve Bank of India. Three extra copies thereof are also sent herewith. 3. We may kindly be advised of the date/s on which the above documents are placed before each House of Parliament (viz., the Lok Sabha and Rajya Sabha) under Section 32(2) of the Act ibid. The printed copies of the Annual Report of the Corporation will be sent to you shortly. Yours faithfully, (Kumudini Hajra) Secretary Encls: As above Yeejleer³e efj]peJe& yeQkeÀ efyeefu[bie, otmejer cebef]peue, cegbyeF& meWì^ue jsuJes mìsMeve kesÀ meeceves, cegbyeF& meWì^ue, cegbyeF&-400008. ìsefueHeÀesve meb.ë 022-23019570 HewÀkeÌmeë 022-23018165, 23015662 F&-cesueë [email protected] Reserve Bank of India Building, Second Floor, Opp. Mumbai Central Railway Station, Post Box No. 4571, Mumbai Central, Mumbai-400008. Tel. No. 022-23019570 Fax: 022-23018165, 23015662 e-mail: [email protected] efnvoer Deemeeve nw, FmekeÀe He´³eesie yeæ{eFS v Board of Directors CHAIRMAN Dr. Subir V. Gokarn Nominated by the Reserve Bank of India under Section Deputy Governor, Reserve Bank of India, Mumbai. 6(1)(a) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (from 24.11.2009) DIRECTORS Shri Anand Sinha Nominated by Reserve Bank of India under Section Executive Director, Reserve Bank of India, 6(1)(b), of The Deposit Insurance and Credit Mumbai. Guarantee Corporation Act, 1961 (from 06.12.2008) Dr. Shashank Saksena Nominated by the Central Government under Section Director, Ministry of Finance, Department of 6(1)(c) of The Deposit Insurance and Credit Guarantee Financial Services, Government of India, New Delhi. Corporation Act, 1961 (from 12.06.2008) Shri Umesh Chandra Sarangi Nominated by the Central Government under Section Chairman, National Bank for Agriculture 6(1)(d) of The Deposit Insurance and Credit Guarantee and Rural Development, Mumbai. Corporation Act, 1961 (from 11.01.2008) Shri M. Ramadoss -do- Chairman-cum-Managing Director, ( from 23.01.2008) New India Assurance Co. Ltd., Mumbai. Shri Ashwini Kakkar Nominated by the Central Government under Section CEO and Managing Director, 6(1)(e) of The Deposit Insurance and Credit Guarantee Mercury Travels (India) Ltd., Mumbai. Corporation Act, 1961 (from 16.01.2007 to 15.01.2010) vi ORGANISATION CHART vii CONTACT INFORMATION OF THE CORPORATION Fax No. 022 - 2301 5662 022 - 2301 8165 Telegram CREDITGUARD Tel.Nos. 022-2308 4121 General 022-2306 2161 Premium 022-2306 2162 Claims 022-2301 9570 RTI 022-2302 1150 Customer Care Cell HEAD OFFICE Deposit Insurance and Credit Guarantee Corporation Reserve Bank of India, 2nd Floor, Opp. Mumbai Central Railway Station, Byculla, Mumbai – 400 008. INDIA (i) Chief Executive Officer 022-2301 9460 (ii) Chief General Manager 022-2301 9675 (iii) General Manager 022-2301 9645 (iv) Director 022-2301 9570 (v) Deputy General Manager 022-2301 9792 (vi) Deputy General Manager 022-2302 1149 (vii) Deputy General Manager 022-2302 1146 Email - [email protected] Website : www.dicgc.org.in viii PRINCIPAL OFFICERS OF THE CORPORATION CHIEF EXECUTIVE OFFICER Shri H. N. Prasad GENERAL MANAGER DEPUTY GENERAL MANAGERS Shri M. K. Samantaray Shri R. K. Acharya Shri J. K. Dash Shri Rajesh Kumar SECRETARY & CPIO Smt. Kumudini Hajra BANKERS RESERVE BANK OF INDIA, MUMBAI TAX CONSULTANTS AUDITORS ACTUARIES M/s. Habib & Co. M/s.K.S. Aiyar & Co. M/s. K. A. Pandit Chartered Accountants Chartered Accountants Consultants & Actuaries 75, Mohammed Ali Road F-7, Laxmi Mills, Shakti Mills Lane 2nd Floor, Churchgate House Mumbai - 400 003 (Off Dr. E. Moses Road) Veer Nariman Road, Fort Mahalaxmi, Mumbai - 400 011 Mumbai - 400 001 ix ABBREVIATIONS ACB : Audit Committee of Board AACS : As applicable to Cooperative Societies ARC : Asia Regional Commitee BCBS : Basel Committee on Banking Supervision BIS : Bank for International Settlements CBL : Cooperative Bank Limited CGCI : Credit Guarantee Corporation of India Ltd. CGF : Credit Guarantee Fund CIC : Central Information Commission CGO : Credit Guarantee Organisation CSAA : Control Self Assessment Audit DIC : Deposit Insurance Corporation DICGC : Deposit Insurance and Credit Guarantee Corporation DIF : Deposit Insurance Fund FDIC : Federal Deposit Insurance Corporation (USA) FIMMDA : Fixed Income Money Market and Derivatives Association of India GF : General Fund IADI : International Association of Deposit Insurers ICMS : Integrated Claims Management System IDL : Intra-day Liquidity IFR : Investment Fluctuation Reserve LABs : Local Area Banks RBI : Reserve Bank of India RCS : Registrar of Co-operative Societies RRBs : Regional Rural Banks SBL : Sahakari Bank Limited SLCBGS : Small Loans (Co-operative Banks) Guarantee Scheme SLGS : Small Loans Guarantee Scheme UCBs : Urban Co-operative Banks UTs : Union Territories x HIGHLIGHTS - I : DEPOSIT INSURANCE PROGRESS
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