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Central Bank’s DICGC to pay depositors of Two co-operative banks in August

Published on July 04, 2022
Current Context: Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the eligible depositors of Shankarrao Pujari Nutan Sahakari Bank, Ichalkaranji, and Harihareshwar Sahakari Bank, Wai next month.
Central Bank’s DICGC to pay depositors of Two co-operative banks in August
  • The amount will get credited to the alternate bank account specified by them, or on their consent, to their Aadhaar-linked bank accounts.
  • RBI had imposed several restrictions, including on withdrawals by depositors, on these two banks due to deteriorating financial positions.
  • Deposit Insurance and Credit Guarantee Corporation Act, passed by Parliament in 2021, to do significant changes in the landscape of deposit insurance in India.
  • Deposit Insurance extended by the DICGC covers all commercial banks, including local area banks and regional rural banks as well as co-operative banks in all the states and UTs.
  • As of now, DICGC settled aggregate claims of Rs 8,516.6 crore under different channels during 2021-22.

Question:

Q.1 Consider the following statements regarding DICGC.
A.In DICGC, Deposit Insurance extended by the DICGC covers only commercial banks.
B.Deposit Insurance and Credit Guarantee Corporation Act, passed by Parliament in 2021.

Select the correct option from given
a. Only A
b. Both A and B
c. Only B
d. None of the above
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