BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All commercial banks including the branches of foreign banks functioning in India
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Local Area Banks
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Regional Rural Banks
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All of the above
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Detailed explanation-1: -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-2: -Which banks are insured by the DICGC? 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: -Savings accounts, fixed deposits (FD), current accounts, recurring deposits (RD), and other deposits are covered by DICGC’s insurance. Bank customers should note these important FAQs from the DICGC website.
Detailed explanation-4: -As per the data released by the Economic Survey 2021-22, 59% of State Bank of India (SBI) deposits are fully insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), vis-a-vis their total bank deposits.