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With reference to deposit insurance, which of the following statements is incorrect?
- a)Cooperative banks and regional rural banks depositors do not have the facility of deposit insurance.
- b)Deposit insurance in India has been raised from Rs. 1 Lakh to Rs. 5 Lakhs.
- c)Deposit Insurance and Credit Guarantee Corporation (DICGC) insures all bank deposits.
- d)DICGC is a wholly owned subsidiary of Reserve Bank of India (RBI).
Correct answer is option 'A'. Can you explain this answer?
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With reference to deposit insurance, which of the following statement...
Option a is incorrect: Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. Cooperative Banks : All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories which have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI are covered under the Deposit Insurance Scheme. At present all cooperative banks are covered by the DICGC. Primary cooperative societies are not insured by the DICGC. Option b is correct: Deposit insurance in India has been raised from Rs. 1 Lakh to Rs. 5 Lakhs (earlier it was 1 Lakh max limit). Each depositor in a bank is insured upto a maximum of 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Option c is correct: The DICGC insures all deposits such as savings, fixed, current, recurring, etc.
Option d is correct: Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly owned subsidiary of Reserve Bank of India. It was established on 15 July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities.
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With reference to deposit insurance, which of the following statements is incorrect?a) Cooperative banks and regional rural banks depositors do not have the facility of deposit insurance.b) Deposit insurance in India has been raised from Rs. 1 Lakh to Rs. 5 Lakhs.c) Deposit Insurance and Credit Guarantee Corporation (DICGC) insures all bank deposits.d) DICGC is a wholly owned subsidiary of Reserve Bank of India (RBI).Correct answer is option 'A'. Can you explain this answer?
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With reference to deposit insurance, which of the following statements is incorrect?a) Cooperative banks and regional rural banks depositors do not have the facility of deposit insurance.b) Deposit insurance in India has been raised from Rs. 1 Lakh to Rs. 5 Lakhs.c) Deposit Insurance and Credit Guarantee Corporation (DICGC) insures all bank deposits.d) DICGC is a wholly owned subsidiary of Reserve Bank of India (RBI).Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to deposit insurance, which of the following statements is incorrect?a) Cooperative banks and regional rural banks depositors do not have the facility of deposit insurance.b) Deposit insurance in India has been raised from Rs. 1 Lakh to Rs. 5 Lakhs.c) Deposit Insurance and Credit Guarantee Corporation (DICGC) insures all bank deposits.d) DICGC is a wholly owned subsidiary of Reserve Bank of India (RBI).Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to deposit insurance, which of the following statements is incorrect?a) Cooperative banks and regional rural banks depositors do not have the facility of deposit insurance.b) Deposit insurance in India has been raised from Rs. 1 Lakh to Rs. 5 Lakhs.c) Deposit Insurance and Credit Guarantee Corporation (DICGC) insures all bank deposits.d) DICGC is a wholly owned subsidiary of Reserve Bank of India (RBI).Correct answer is option 'A'. Can you explain this answer?.
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