Q. Consider the following statements with reference to Deposit Insurance and Credit Guarantee Corporation (DICGC)
Which of the following is/are incorrect statements?
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: