Question

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

Answer 1

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