Banking Awareness Quiz for Bank Exams 2021- 17th April

Q1. DICGC Stands for________
(a) Deposit Insurance and Cash Guarantee Corporation
(b) Demand Insurance and Credit Guarantee Corporation
(c) Deposit Insurance and Credit Guarantee Corporation
(d) Deposit Insurance and Cover Guarantee Corporation
(e)None of these

Q2. Which of the following is not insured by Deposit Insurance and Credit Guarantee Corporation?
(a) Primary Co-operative societies
(b) Foreign Banks functioning in India
(c) Commercial Banks
(d) Cooperative Banks
(e)None of the these

Q3. In which year DICGC Act was passed?
(a)1951
(b)1962
(c)1961
(d)1981
(e)1955

Q4. Which of the following co-operative bank is insured by the DICGC?
(a) State cooperative bank
(b) Urban cooperative bank
(c) Center cooperative bank
(d) Primary cooperative bank
(e)All of the above

Q5. What is the authorized capital of DICGC?
(a)Rs 60 crore
(b)Rs 50 crore
(c)Rs 80 crore
(d)Rs 100 crore
(e)Rs 150crore

Q6. Where is the headquarters of DICGC located?
(a)Delhi
(b) Kolkata
(c) Mumbai
(d) Lucknow
(e)None of these

Q7. In the event of bank failure, which of the following protected bank deposit that are payable in India?
(a)DICGC
(b) IRDAI
(c) RBI
(d)SEBI
(e )None of these

Q8. Which of the following deposited is insured by DICGC?
(a)Fixed Deposit
(b)Current
(c)Saving
(d)Recurring Deposit
(e)All of the above

Q9. What is the maximum deposit amount insured by the DICGC?
(a)Rs 10 lakh
(b)Rs 7 lakh
(c)Rs 4 lakh
(d)Rs 5 lakh
(e)Rs 1 lakh

Q10. Which two organisations were merged to form DICGC?
(a)DIC & DGCI
(b)DIC & GGCI
(c)DIB & CGCI
(d)DIC & CGCI
(e)None of these

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Solutions

S1.Ans(c)
Sol. DICGC Stands for Deposit Insurance and Credit Guarantee Corporation.

S2.Ans(a)
Sol. Primary Co-operative societies are not insured by the Deposit Insurance and Credit Guarantee Corporation.

S3.Ans(c)
Sol. The functions of the DICGC are governed by the provisions of DICGC Act 1961 framed by the Reserve Bank of India.

S4.Ans(e)
Sol. All State, Center and primary cooperative bank also called Urban cooperative bank functioning in state/union territory are insured by DICGC.

S5.Ans(b)
Sol. The authorized capital of the Corporation is 50 crores, which is fully issued and subscribed by the Reserve Bank of India.

S6.Ans(c)
Sol. The headquarters of DICGC is located in Mumbai.

S7.Ans(a)
Sol. In the event of bank failure, DICGC (Deposit Insurance and Credit Guarantee Corporation) protects bank deposits that are payable in India.

S8.Ans(e)
Sol. The DICGC insures all deposit such as Saving, Fixed, Current, Recurring Deposit.

S9.Ans(d)
Sol. Each depositor in a bank is insured up to a maximum of Rs.5,00,000 for both principal and interest.

S10.Ans(d)
Sol. With a view to integrating the functions of deposit insurance and credit guarantee, the above two organizations (DIC & CGCI) were merged and the present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on July 15, 1978.

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