Q. Consider the following statements regarding Deposit Insurance and Credit Guarantee Corporation (DICGC):
1. It is a subsidiary of RBI.
2. The Governor of RBI acts as the Chairman of DICGC.
3. All commercial banks including the branches of foreign banks functioning in India are covered under deposit insurance scheme of DICGC
Which of the above statements is/are incorrect?

[A] 1 only

[B] 2 and 3 only

[C] 2 only

[D] 1, 2 and 3

Answer: C
Notes:
  • Statement 1 is correct: DICGC is a subsidiary of RBI 
  • Statement 2 is incorrect: Deputy Governor is the Chairman of DICGC 
  • Statement 3 is correct: All commercial banks including the branches of foreign banks functioning in India, Local Area Banks and Regional Rural Banks are covered under the deposit insurance scheme of DICGC. 

Source: Article 

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