Dr. Abhijit Phukon Joins DICGC Board of Directors [See Notification]

Dr. Phukon’s Appointment to the DICGC Board

Dr. Phukon has recently taken on a significant role as an Economic Adviser in the Department of Financial Services (DFS) while simultaneously joining the board of the Deposit Insurance and Credit Guarantee Corporation (DICGC). He replaces Pankaj Sharma in this vital position that holds considerable responsibility in safeguarding depositors’ interests in India.

Diverse Educational Background

Dr. Phukon’s academic credentials are impressive and multifaceted, with a PhD in Finance, a master’s degree in Economics, and a postgraduate diploma in Human Resource Development and Marketing. This robust educational foundation, complemented by over two decades of experience across academia, research, and public policy, allows him to bring a well-rounded perspective to his new role at the DICGC.

Previous Tenure and Expertise

His professional background is equally notable. Before joining the DICGC, Dr. Phukon held key positions in various government ministries, including the Ministry of Corporate Affairs, the Department of Commerce, and the Department of Economic Affairs. His role as Secretary of the National Financial Reporting Authority (NFRA) provided him with rich experience in regulatory and compliance issues. Additionally, he possesses extensive knowledge in digital payments, fintech, cyber security, corporate governance, and sustainable finance.

The Role of the DICGC

The DICGC operates as a specialized subsidiary of the Reserve Bank of India and plays a pivotal role in insuring bank deposits. It offers depositors financial protection up to ₹5,00,000, which significantly boosts consumer confidence in the banking sector. The organization not only insures deposits but also manages the frameworks that regulate insured banks, ensuring that processes for premiums and claim settlements are effective and timely.

Governance and Regulatory Framework

The DICGC is governed by the DICGC Act along with regulations framed by the Reserve Bank of India. It has a crucial mandate that involves overseeing the registration of insured banks and maintaining depositor protection, which ensures a sound financial environment. Dr. Phukon’s extensive regulatory experience is expected to enhance these governance structures.

Strengthening Digital Risk Management

One of the pressing challenges facing the DICGC is the evolving landscape of digital payments and the associated risks. Dr. Phukon’s experience in this area is particularly valuable, as his insights into fintech and cyber security can significantly bolster the DICGC’s capacity in managing these emerging threats. His previous relationships on bank boards and work in financial sector policy will support the DICGC’s initiatives to adapt to new challenges.

Influencing Financial Sector Policy

As Dr. Phukon steps into his new role, he brings a wealth of understanding that can influence broader financial sector policies. His experience not only positions him as a key player in enhancing the operational and supervisory practices of the DICGC, but also contributes to the larger goal of institutional reforms that are vital for sustained growth and stability in India’s financial ecosystem.

Commitment to Public Service

Dr. Phukon’s appointment signifies a continued commitment to public service in the banking sector, ensuring that the interests of depositors are safeguarded. His journey through various esteemed positions in government has equipped him with the insight and experience necessary to navigate the complexities of this responsibility.

These attributes suggest a forward-thinking approach that is necessary to align with the dynamic changes in the financial landscape of India. His strategic vision, grounded in robust academic and practical experience, is likely to make a notable impact as he embarks on this new chapter in his career.