BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Any amount due on account of any deposit received outside India.
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Deposits of Central/State Governments
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Deposits of foreign Governments
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None of these
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Detailed explanation-1: -On liquidation etc. of other de-registered banks i.e. banks which have been de-registered on other grounds such as non payment of premium or their ceasing to be eligible co-operative banks under section 2(gg) of the DICGC Act, 1961, the Corporation will have no liability.
Detailed explanation-2: -Deposit insurance provided by DICGC covers all commercial banks, including Payment Banks, Small Finance Banks, Regional Rural Banks, Foreign Bank branches in India, Local Area Banks and Co-operative Banks in all States and Union Territories.
Detailed explanation-3: -The preamble of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 states that it is an Act to provide for the establishment of a Corporation for the purpose of insurance of deposits and guaranteeing of credit facilities and for other matters connected therewith or incidental thereto.
Detailed explanation-4: -Synopsis. As per the Economic Survey 2021-22 49.1% of the total deposits held with Indian banks are not covered by the deposit insurance cover available under the DICGC scheme.