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    Question

    Deposit Insurance and Credit Guarantee Corporation

    (DICGC), a subsidiary of RBI, is responsible for: Insuring all bank deposits for up to the limit of Rs.500,000 of each deposits in a bank Insuring retail loans of upto Rs.500,000 of all Scheduled Commercial Banks Insuring crop loans of upto Rs.100,000 of all Scheduled Commercial Banks
    A Only i Correct Answer Incorrect Answer
    B Only i & ii Correct Answer Incorrect Answer
    C Only i & iii Correct Answer Incorrect Answer
    D Only ii & iii Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on 15 July 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs.500,000 of each deposits in a bank.  The limit was increased from 1 lakh to 5 lakh on 4th February 2020.

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