Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer?

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

Banking Exams Exam > Banking Exams Questions > Which of the following Co-Operative Bank is i...

Which of the following Co-Operative Bank is insured by the DICGC?

a)
State cooperative Banks
b)
Central cooperative Banks
c)
Urban cooperative Banks
d)
Primary cooperative banks
e)
All of these

Correct answer is option 'E'. Can you explain this answer?

Join for Free

Join for Free

Verified Answer

Which of the following Co-Operative Bank is insured by the DICGC?a)Sta...

All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories are insured by DICGC.

View all questions of this test

View all answers Start learning for free

Explore Courses for Banking Exams exam

Similar Banking Exams Doubts

Directions: Read the passage carefully and select the best answer to each question out of the given five alternatives.In a bid to ensure timely support to depositors of stressed banks, the government may bring amendment to DICGC Act in the monsoon session with the objective to provide account holders easy and time-bound access to funds to the extent of the deposit insurance cover. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank NSE 4.79 % too came under stress leading to restructuring by the regulator and the government.The amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said. It is expected that the Bill will be tabled in the upcoming monsoon session after being vetted by the Union Cabinet, sources added. Once the Bill becomes the law, it will provide immediate relief to thousands of depositors who had their money parked in stressed lenders such as PMC Bank and other small cooperative banks.As per the current provisions, the deposit insurance of up to Rs 5 lakh comes into play when the licence of a bank is cancelled and liquidation process starts. DICGC, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. Finance Minister Nirmala Sitharaman in the Budget speech in February said the government had approved an increase in the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakh for bank customers last year. It could not be presented in the Budget session due to curtailment of the last session following the spread of the second wave of COVID-19 pandemic.It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it was static since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. With increased insurance cover, the banks are paying a higher premium of 12 paise against 10 paise per Rs 100 deposited without any additional burden on account holders. The deposit insurance scheme covers all banks operating in India, including private sector, cooperative, and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.It can be recalled that way back in 2009, the Raghuram Rajan committee on financial sector reforms had recommended strengthening the capacity of the DICGC, a more explicit system of prompt, corrective action, and making deposit insurance premia more risk-based.Q. Who can be benefitted from the deposit insurance scheme?

View answer

Which of the following is not insured by the DICGC?

View answer

Which of the following is correct with respect to the primary function of Agricultural Credit Department (ACD)? To coordinate the functions of RBI with other banks and state cooperative banks in respect of agricultural credit To maintain expert staff to study all the questions of agricultural credit and be available for consultation by central government, state governments, scheduled commercial banks and state cooperative banks. To provide legislations to check private money lending and checking other malpractices.

View answer

Recently Reserve Bank of India has placed three urban cooperative banks (UCBs) under Directions. Consider them in respect of the amount allowed to withdraw for depositors, which is incorrect.

View answer

Top Courses for Banking ExamsView all

Current Affairs & Hindu Analysis: Daily, Weekly & Monthly

Tips & Tricks for Government Exams

Improve Your Calculations: Vedic Maths (English)

Top Courses for Banking Exams

View all

Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer?

Share with a Friend

Answer this doubt

Question Description
Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer?.

Solutions for Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.

Here you can find the meaning of Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer?, a detailed solution for Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? has been provided alongside types of Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Which of the following Co-Operative Bank is insured by the DICGC?a)State cooperative Banksb)Central cooperative Banksc)Urban cooperative Banksd)Primary cooperative bankse)All of theseCorrect answer is option 'E'. Can you explain this answer? tests, examples and also practice Banking Exams tests.

Explore Courses for Banking Exams exam