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Consider the following organisation:
  1. Life Insurance Corporation (LIC)
  2. General Insurance Corporation (GIC)
  3. Deposit Insurance and Credit Guarantee Corporation (DICGC) 
Arrange the above organisations chronologically according to their formation:
  • a)
    1-3-2 
  • b)
    2-3-1 
  • c)
    1-2-3 
  • d)
    2-1-3
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following organisation: Life Insurance Corporation (LIC) ...
  • In 1956, with the enactment of the Life Insurance Corporation of India Act, LIC was founded by merging over 245 insurance companies and provident societies (both Indian and foreign).
  • General Insurance Corporation (GIC) was incorporated on November 22, 1972, under the Companies Act, 1956.
  • Deposit Insurance and Credit Guarantee Corporation (DICGC) was introduced in 1978 after the merger of Deposit Insurance Corporation and Creclit Guarantee Corporation. Its aim is to protect depositors and ensure financial stability so that confidence in the banking system can be enhanced.
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Question Description
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