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Question

Q. Consider the following statements with reference to Deposit Insurance and Credit Guarantee Corporation (DICGC)

Which of the following is/are incorrect statements?


A
1 and 2 only
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B
2 and 3 only
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C
1 and 3 only
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D
1, 2 and 3
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Solution

The correct option is A 1 and 2 only

Explanation:

Statement 1 is incorrect

Deposit Insurance and Credit Guarantee Corporation is a wholly-owned subsidiary of RBI

Statement 2 is incorrect

All types of deposits like savings deposits, term deposits, and RDs are covered by DICGC. However, government and inter-bank deposits are not covered. Also, deposits of the state land development banks with the state cooperative bank are not covered.

Statement 3 is correct

Under the amendment made to the DICGC act 1961:

  • Insurance coverage = ₹ 5 lakh w.e.f 4th February 2020
  • Insurance premium = 12 paise per ₹ 100

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