Dr. Abhijit Phukon appointed to DICGC Board of Directors [Read Notification]

Dr. Phukon, currently functioning as Economic Adviser in the Department of Financial Services (DFS) joins the DICGC board, replacing Pankaj Sharma; he is also a Government nominee director on the boards of India Exim Bank and Bank of Maharashtra.

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With academic qualifications including PhD in Finance, a master’s degree in economics and a postgraduate diploma in HRD and marketing, Dr. Phukon brings with him over two decades of academic, research and public-policy experience.

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Phukon has previously held key positions in the Ministry of Corporate Affairs, Department of Commerce, Department of Economic Affairs and Ministry of Power and senior stewardship as Secretary of the National Financial Reporting Authority (NFRA) with multi-faceted expertise in digital payments, fintech, cyber security, regulatory and compliance, corporate governance, sustainable finance and infrastructure project design.

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The Deposit Insurance and Credit Guarantee Corporation is a specialised subsidiary of the Reserve Bank of India which insures bank deposits up to a ceiling of ₹5,00,000 per depositor and also administers the statutory framework that governs insured banks, premiums and claim settlement.

The DICGC is governed by the DICGC Act and RBI-framed regulations and ensures payment of insured amounts to liquidators or transferee banks within stipulated timelines, among other functions such as oversight of insured-bank registration and maintenance of depositor protection.

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Dr. Phukon’s combination of technical, regulatory and cyber-security experience combined with prior experience on bank boards, financial sector policy and large-scale institutional reforms is likely to strengthen the DICGC’s capacity to manage evolving risks in digital payments along with operational and supervisory practices.

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