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What is the current maximum deposit insurance limit per depositor under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme?

1. Rs 1 lakh
2. Rs 2 lakh
3. Rs 3 lakh
4. Rs 5 lakh

Correct answer: Rs 5 lakh

Solution

DICGC (Deposit Insurance and Credit Guarantee Corporation) provides deposit insurance to bank depositors in India. In February 2020, Finance Minister Nirmala Sitharaman announced an increase in DICGC insurance coverage from ₹1 lakh to ₹5 lakh per depositor per bank. This was the first revision since 1993.

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