Question

With effect from February 4, 2020, the Deposit Insurance and Credit Guarantee Corporation (DICGC) increased the insurance cover for depositors in insured banks from ₹1 lakh to:

A ₹2 lakh Correct Answer Incorrect Answer
B ₹3 lakh Correct Answer Incorrect Answer
C ₹4 lakh Correct Answer Incorrect Answer
D ₹5 lakh Correct Answer Incorrect Answer
E ₹6 lakh Correct Answer Incorrect Answer

Solution

With a view to providing a greater measure of protection to depositors in banks, DICGC raised the limit of insurance cover for depositors in insured banks from the earlier level of ₹1 lakh to ₹5 lakh per depositor with effect from 04.02. 2020.

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