Question Bank - Banking & Financial Services

Here's the question bank on all the banking & financial services topics.

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The Indian Union Budget 2020 announced that the Deposit Insurance and Credit Guarantee Corporation (DICGC) has been permitted to increase deposit insurance coverage to Rs. 5 lakh per depositor from ______ previously.

A.
Rs. 2 lakh
B.
Rs. 50 thousand
C.
Rs. 1 lakh
D.
Rs. 3 lakh

Solution:

The correct answer is Rs. 1 lakh. The Indian Union Budget 2020 announced that the Deposit Insurance and Credit Guarantee Corporation (DICGC) has been permitted to increase deposit insurance coverage to Rs. 5 lakh per depositor from Rs. 1 lakh previously. Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the RBI. It provides insurance coverage. It has been done to provide a greater measure of protection to depositors. Additional InformationDeposit Insurance and Credit Guarantee Corporation (DICGC)Head: Michael PatraFounded: 1978Headquarter: Mumbai

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