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With reference to the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, consider the following statements:
1. Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
2. It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.
3. The Bill provides account holders security of their money by allowing access to up to Rs 5 lakh within 10 days of a bank coming under a moratorium.
Which of the statements given above are correct?
  • a)
    1 and 2 only
  • b)
    2 and 3 only
  • c)
    1 and 3 only
  • d)
    1, 2 and 3
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
With reference to the Deposit Insurance and Credit Guarantee Corporati...
The Union Cabinet has approved the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 and has been introduced in Parliament’s monsoon session.
  • Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
  • It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.
  • It protects depositors’ money kept in all commercial and foreign banks located in India; central, state, and urban co-operative banks; regional rural banks; and local banks, provided that the bank has opted for DICGC cover.
  • The agency’s operations are performed as per the Deposit Insurance and Credit Guarantee Corporation Act, 1961 and The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961.
Amendment bill
  • The Bill provides account holders security of their money by allowing access to up to Rs 5 lakh within 90 days of a bank coming under a moratorium.
  • Under the latest amendment in the DICGC Bill, 98.3% of all deposits will be covered and in terms of deposit value, 50.9% of deposits will be covered. While the Global deposit value is only 80% of all deposit accounts and covers only 20-30% of the deposit value.
Hence, option (a) is the correct answer.
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With reference to the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, consider the following statements:1. Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).2. It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.3. The Bill provides account holders security of their money by allowing access to up to Rs 5 lakh within 10 days of a bank coming under a moratorium.Which of the statements given above are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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With reference to the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, consider the following statements:1. Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).2. It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.3. The Bill provides account holders security of their money by allowing access to up to Rs 5 lakh within 10 days of a bank coming under a moratorium.Which of the statements given above are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct 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 the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, consider the following statements:1. Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).2. It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.3. The Bill provides account holders security of their money by allowing access to up to Rs 5 lakh within 10 days of a bank coming under a moratorium.Which of the statements given above are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct 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 the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, consider the following statements:1. Deposit Insurance Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI).2. It provides deposit insurance that works as a protection cover for bank deposit holders when the bank fails to pay its depositors.3. The Bill provides account holders security of their money by allowing access to up to Rs 5 lakh within 10 days of a bank coming under a moratorium.Which of the statements given above are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?.
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