Question
Which of the following Statements about the DICGC is/are
True? I- Interbank deposits are insured by DICGC. II- It is a wholly-owned subsidiary of the RBI. III- The agency insures all kinds of deposit accounts of a bank, such as savings, current, recurring, and fixed deposits up to a limit of Rs. 5 lakh per account holder per bank.Solution
The agency insures all kinds of deposit accounts of a bank, such as savings, current, recurring, and fixed deposits up to a limit of Rs. 5 lakh per account holder per bank. In case an individual's deposit amount exceeds Rs.5 lakh in a single bank, only Rs.5 lakh, including the principal and interest, will be paid by DICGC if the bank becomes bankrupt. What DICGC Does Not Cover? Deposits of state or Central governments Deposits from foreign governments State land development banks depositing with the state co-operative bank Inter-bank deposits Funds that are due on account of India and deposits received outside India Funds exempted by the corporation with the previous approval from RBI
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