Fully owned subsidiary of RBI are

•   Deposit Insurance and Credit Guarantee Corporation of India (DICGC),

•   Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL),

•   Reserve Bank Information Technology Private Limited (ReBIT),

•   Indian Financial Technology and Allied Services (IFTAS),

•   Reserve Bank Innovation Hub (RBIH).

•   It is a specialised division of Reserve Bank of India which is under the jurisdiction of Ministry of Finance.

•   It was established on 15 July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities.

•   An insured bank is required to remit premium not later than the last day of May and November each year.

•   The Corporation has the power to cancel the registration of an insured bank if it fails to pay the premium for three consecutive half-year periods.

•   The Reserve Bank of India (RBI) set up the Agricultural Refinance Corporation (ARC) in 1963 to work as a refinancing agency in providing medium-term and long-term agricultural credit to support investment credit needs for agricultural development.

•   In 1975, ARC was renamed as Agriculture Refinance and Development Corporation (ARDC) to give focussed attention to credit offtake, development and promotion of the agricultural sector.

•   In 1982, NABARD took over the functions of Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of RBI and ARDC.