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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.
1. Rs. 2 lakh
2. Rs. 50 thousand
3. Rs. 1 lakh
4. Rs. 3 lakh

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Correct Answer - Option 3 : Rs. 1 lakh

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.

  • Deposit Insurance and Credit Guarantee Corporation (DICGC)
    • Head: Michael Patra
    • Founded: 1978
    • Headquarter: Mumbai

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