wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
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
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
2 and 3 only
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
1 and 3 only
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
1, 2 and 3
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
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

flag
Suggest Corrections
thumbs-up
0
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Rules of Debit and Credit
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon