Hi,
If you are from India, then to apply under Generic category, GIC is NOT REQUIRED.
The PREFERRED OPTION for proof of funds: you can fulfill the financial requirement by submitting a copy of an Educational Loan from an Indian Chartered Bank equivalent to at least first year's tuition plus $10 000 CAD to cover living and travel expenses for one year.
Here's the official CHC checklist for applying under Generic/general category:
http://www.vfs-canada.co.in/pdf/study_permit_20-09-2012.pdf
So, Just a bank loan letter of amount equivalent to 1st year tuition fees+10,000$ will be enough.
Thanks Tiger.....
And Indian Chartered Bank means Nationalised bank, correct me if I m wrong
*** All opinions expressed are purely personal, and pieces of information mentioned are to the best of my knowledge... You should consult other sources too.