BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which committee proposed to raise the compulsory insurance of bank deposits up to 5 Lakhs?
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Aravind Mayaram
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Usha Thorat
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Damodaran
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Syamala Gopinath
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Explanation:
Detailed explanation-1: -The DICGC insures principal and interest upto a maximum amount of ₹ five lakhs.
Detailed explanation-2: -Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
Detailed explanation-3: -The deposit insurance premium is compulsory for all insured banks and is paid by banks to DICGC and is not recovered from the depositors. The deposit insurance coverage that began with ‘1500 in 1961 has been raised gradually to ‘1 lakh in 1993 but had been static thereafter till 2020.
There is 1 question to complete.