DICGC Act, 1961
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Question 1 of 74
1. Question
What is the Act number of the Deposit Insurance and Credit Guarantee Corporation Act, 1961?
Correct
The Act is Act No. 47 of 1961.
Incorrect
The Act is Act No. 47 of 1961.
Unattempted
The Act is Act No. 47 of 1961.
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Question 2 of 74
2. Question
On which date was the DICGC Act, 1961 enacted?
Correct
The Act is dated 7 December 1961.
Incorrect
The Act is dated 7 December 1961.
Unattempted
The Act is dated 7 December 1961.
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Question 3 of 74
3. Question
On which date did the DICGC Act, 1961 come into force?
Correct
The Act came into force on 1 January 1962.
Incorrect
The Act came into force on 1 January 1962.
Unattempted
The Act came into force on 1 January 1962.
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Question 4 of 74
4. Question
To which territory does the DICGC Act, 1961 extend?
Correct
Section 1 states that the Act extends to the whole of India.
Incorrect
Section 1 states that the Act extends to the whole of India.
Unattempted
Section 1 states that the Act extends to the whole of India.
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Question 5 of 74
5. Question
What is the main purpose of the DICGC Act, 1961?
Correct
The Act provides for deposit insurance, credit guarantees and related matters.
Incorrect
The Act provides for deposit insurance, credit guarantees and related matters.
Unattempted
The Act provides for deposit insurance, credit guarantees and related matters.
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Question 6 of 74
6. Question
Which section provides for the establishment and incorporation of the Deposit Insurance Corporation?
Correct
Section 3 deals with establishment and incorporation of the Corporation.
Incorrect
Section 3 deals with establishment and incorporation of the Corporation.
Unattempted
Section 3 deals with establishment and incorporation of the Corporation.
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Question 7 of 74
7. Question
DICGC is a wholly owned subsidiary of which institution?
Correct
DICGC is a wholly owned subsidiary of the Reserve Bank of India.
Incorrect
DICGC is a wholly owned subsidiary of the Reserve Bank of India.
Unattempted
DICGC is a wholly owned subsidiary of the Reserve Bank of India.
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Question 8 of 74
8. Question
Where is the head office of DICGC located?
Correct
DICGC‘s head office is in Mumbai.
Incorrect
DICGC‘s head office is in Mumbai.
Unattempted
DICGC‘s head office is in Mumbai.
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Question 9 of 74
9. Question
Which section contains definitions used in the DICGC Act?
Correct
Section 2 contains the definitions.
Incorrect
Section 2 contains the definitions.
Unattempted
Section 2 contains the definitions.
-
Question 10 of 74
10. Question
Which section provides for the Board of Directors of the Corporation?
Correct
Section 6 deals with the Board of directors.
Incorrect
Section 6 deals with the Board of directors.
Unattempted
Section 6 deals with the Board of directors.
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Question 11 of 74
11. Question
Which section deals with meetings of the Board?
Correct
Section 7 deals with Board meetings.
Incorrect
Section 7 deals with Board meetings.
Unattempted
Section 7 deals with Board meetings.
-
Question 12 of 74
12. Question
Which section provides for committees of the Corporation?
Correct
Section 8 concerns committees of the Corporation.
Incorrect
Section 8 concerns committees of the Corporation.
Unattempted
Section 8 concerns committees of the Corporation.
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Question 13 of 74
13. Question
Which section deals with fees and allowances of directors?
Correct
Section 9 deals with fees and allowances of directors.
Incorrect
Section 9 deals with fees and allowances of directors.
Unattempted
Section 9 deals with fees and allowances of directors.
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Question 14 of 74
14. Question
Which section deals with registration of existing banking companies as insured banks?
Correct
Section 10 covers registration of existing banking companies.
Incorrect
Section 10 covers registration of existing banking companies.
Unattempted
Section 10 covers registration of existing banking companies.
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Question 15 of 74
15. Question
Which section deals with registration of new banking companies?
Correct
Section 11 addresses registration of new banking companies.
Incorrect
Section 11 addresses registration of new banking companies.
Unattempted
Section 11 addresses registration of new banking companies.
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Question 16 of 74
16. Question
Which section specifically deals with registration of Regional Rural Banks?
Correct
Section 11A deals with registration of Regional Rural Banks.
Incorrect
Section 11A deals with registration of Regional Rural Banks.
Unattempted
Section 11A deals with registration of Regional Rural Banks.
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Question 17 of 74
17. Question
Which section addresses registration of defunct banking companies?
Correct
Section 12 concerns registration of defunct banking companies.
Incorrect
Section 12 concerns registration of defunct banking companies.
Unattempted
Section 12 concerns registration of defunct banking companies.
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Question 18 of 74
18. Question
Which section deals with cancellation of registration of an insured banking company?
Correct
Section 13 deals with cancellation of registration.
Incorrect
Section 13 deals with cancellation of registration.
Unattempted
Section 13 deals with cancellation of registration.
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Question 19 of 74
19. Question
Which section provides for registration of cooperative banks?
Correct
Section 13A provides for registration of cooperative banks.
Incorrect
Section 13A provides for registration of cooperative banks.
Unattempted
Section 13A provides for registration of cooperative banks.
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Question 20 of 74
20. Question
Which section deals with registration of defunct cooperative banks?
Correct
Section 13B deals with registration of defunct cooperative banks.
Incorrect
Section 13B deals with registration of defunct cooperative banks.
Unattempted
Section 13B deals with registration of defunct cooperative banks.
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Question 21 of 74
21. Question
Which section deals with cancellation of registration of cooperative banks?
Correct
Section 13C addresses cancellation of registration of cooperative banks.
Incorrect
Section 13C addresses cancellation of registration of cooperative banks.
Unattempted
Section 13C addresses cancellation of registration of cooperative banks.
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Question 22 of 74
22. Question
Which section covers circumstances in which RBI may require winding up of a cooperative bank?
Correct
Section 13D deals with circumstances in which the Reserve Bank may require winding up of a cooperative bank.
Incorrect
Section 13D deals with circumstances in which the Reserve Bank may require winding up of a cooperative bank.
Unattempted
Section 13D deals with circumstances in which the Reserve Bank may require winding up of a cooperative bank.
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Question 23 of 74
23. Question
Which section deals with intimation of registration?
Correct
Section 14 concerns intimation of registration.
Incorrect
Section 14 concerns intimation of registration.
Unattempted
Section 14 concerns intimation of registration.
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Question 24 of 74
24. Question
Which section makes insured banks liable to pay insurance premium to DICGC?
Correct
Section 15 deals with premium payable by insured banks.
Incorrect
Section 15 deals with premium payable by insured banks.
Unattempted
Section 15 deals with premium payable by insured banks.
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Question 25 of 74
25. Question
Which section provides for cancellation of registration for non-payment of premium?
Correct
Section 15A deals with cancellation of registration of an insured bank for non-payment of premium.
Incorrect
Section 15A deals with cancellation of registration of an insured bank for non-payment of premium.
Unattempted
Section 15A deals with cancellation of registration of an insured bank for non-payment of premium.
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Question 26 of 74
26. Question
Which section defines DICGC‘s liability in respect of insured deposits?
Correct
Section 16 deals with the Corporation‘s liability in respect of insured deposits.
Incorrect
Section 16 deals with the Corporation‘s liability in respect of insured deposits.
Unattempted
Section 16 deals with the Corporation‘s liability in respect of insured deposits.
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Question 27 of 74
27. Question
Which section describes payment by DICGC in case an insured bank is wound up?
Correct
Section 17 provides the manner of payment in case of winding up of insured banks.
Incorrect
Section 17 provides the manner of payment in case of winding up of insured banks.
Unattempted
Section 17 provides the manner of payment in case of winding up of insured banks.
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Question 28 of 74
28. Question
Which section covers payment by DICGC under a scheme of compromise, reconstruction or amalgamation?
Correct
Section 18 covers payment in these situations.
Incorrect
Section 18 covers payment in these situations.
Unattempted
Section 18 covers payment in these situations.
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Question 29 of 74
29. Question
Which section provides for interim payment to depositors of an insured bank?
Correct
Section 18A provides for interim payments to depositors.
Incorrect
Section 18A provides for interim payments to depositors.
Unattempted
Section 18A provides for interim payments to depositors.
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Question 30 of 74
30. Question
Which section deals with discharge of the Corporation‘s liability?
Correct
Section 19 deals with discharge of liability.
Incorrect
Section 19 deals with discharge of liability.
Unattempted
Section 19 deals with discharge of liability.
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Question 31 of 74
31. Question
Which section makes provision for amounts that remain unpaid?
Correct
Section 20 concerns provision for unpaid amounts.
Incorrect
Section 20 concerns provision for unpaid amounts.
Unattempted
Section 20 concerns provision for unpaid amounts.
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Question 32 of 74
32. Question
Which section deals with repayment of amounts to DICGC?
Correct
Section 21 concerns repayment of amounts to the Corporation.
Incorrect
Section 21 concerns repayment of amounts to the Corporation.
Unattempted
Section 21 concerns repayment of amounts to the Corporation.
-
Question 33 of 74
33. Question
Which section deals with guaranteeing credit facilities and indemnifying credit institutions?
Correct
Section 21A covers credit guarantee and indemnification of credit institutions.
Incorrect
Section 21A covers credit guarantee and indemnification of credit institutions.
Unattempted
Section 21A covers credit guarantee and indemnification of credit institutions.
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Question 34 of 74
34. Question
Which section provides that DICGC may act as agent of the Central Government?
Correct
Section 21B addresses DICGC acting as agent of the Central Government.
Incorrect
Section 21B addresses DICGC acting as agent of the Central Government.
Unattempted
Section 21B addresses DICGC acting as agent of the Central Government.
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Question 35 of 74
35. Question
Which section deals with the funds of DICGC?
Correct
Section 22 deals with the funds of the Corporation.
Incorrect
Section 22 deals with the funds of the Corporation.
Unattempted
Section 22 deals with the funds of the Corporation.
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Question 36 of 74
36. Question
Which section provides for the Deposit Insurance Fund?
Correct
Section 23 establishes provisions relating to the Deposit Insurance Fund.
Incorrect
Section 23 establishes provisions relating to the Deposit Insurance Fund.
Unattempted
Section 23 establishes provisions relating to the Deposit Insurance Fund.
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Question 37 of 74
37. Question
Which section provides for the Credit Guarantee Fund?
Correct
Section 23A deals with the Credit Guarantee Fund.
Incorrect
Section 23A deals with the Credit Guarantee Fund.
Unattempted
Section 23A deals with the Credit Guarantee Fund.
-
Question 38 of 74
38. Question
Which section deals with accounts and audit requirements for the Corporation?
Correct
Section 25 deals with accounts and audit.
Incorrect
Section 25 deals with accounts and audit.
Unattempted
Section 25 deals with accounts and audit.
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Question 39 of 74
39. Question
Which section deals with the annual report of the Corporation?
Correct
Section 26 deals with the annual report.
Incorrect
Section 26 deals with the annual report.
Unattempted
Section 26 deals with the annual report.
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Question 40 of 74
40. Question
Which section enables the Corporation to call for returns and information?
Correct
Section 27 deals with furnishing of returns and information.
Incorrect
Section 27 deals with furnishing of returns and information.
Unattempted
Section 27 deals with furnishing of returns and information.
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Question 41 of 74
41. Question
What is the current maximum DICGC insurance cover for a depositor at one bank, in the same right and capacity?
Correct
DICGC currently covers up to ₹5 lakh per depositor per bank, including principal and interest.
Incorrect
DICGC currently covers up to ₹5 lakh per depositor per bank, including principal and interest.
Unattempted
DICGC currently covers up to ₹5 lakh per depositor per bank, including principal and interest.
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Question 42 of 74
42. Question
Does the ₹5 lakh DICGC limit include both principal and accrued interest?
Correct
The insurance limit includes the combined principal and interest amount.
Incorrect
The insurance limit includes the combined principal and interest amount.
Unattempted
The insurance limit includes the combined principal and interest amount.
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Question 43 of 74
43. Question
If a depositor has accounts in several branches of the same bank, how is insurance cover calculated?
Correct
Deposits across branches of the same bank are aggregated for insurance purposes, subject to the applicable ownership category.
Incorrect
Deposits across branches of the same bank are aggregated for insurance purposes, subject to the applicable ownership category.
Unattempted
Deposits across branches of the same bank are aggregated for insurance purposes, subject to the applicable ownership category.
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Question 44 of 74
44. Question
If a person has deposits in two separately insured banks, how is the DICGC limit generally applied?
Correct
The insurance limit applies separately to each insured bank, subject to the same right and capacity rules.
Incorrect
The insurance limit applies separately to each insured bank, subject to the same right and capacity rules.
Unattempted
The insurance limit applies separately to each insured bank, subject to the same right and capacity rules.
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Question 45 of 74
45. Question
Why does DICGC consider the same right and capacity when calculating insurance?
Correct
Deposits held in different capacities may be treated separately, while deposits in the same right and capacity are aggregated.
Incorrect
Deposits held in different capacities may be treated separately, while deposits in the same right and capacity are aggregated.
Unattempted
Deposits held in different capacities may be treated separately, while deposits in the same right and capacity are aggregated.
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Question 46 of 74
46. Question
Which of the following is generally covered by DICGC insurance in an insured bank?
Correct
Savings, fixed, current and recurring deposits are generally covered, subject to statutory exclusions.
Incorrect
Savings, fixed, current and recurring deposits are generally covered, subject to statutory exclusions.
Unattempted
Savings, fixed, current and recurring deposits are generally covered, subject to statutory exclusions.
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Question 47 of 74
47. Question
Which deposit category is excluded from DICGC insurance?
Correct
Deposits of Central and State Governments are excluded.
Incorrect
Deposits of Central and State Governments are excluded.
Unattempted
Deposits of Central and State Governments are excluded.
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Question 48 of 74
48. Question
Are inter-bank deposits covered by DICGC deposit insurance?
Correct
Inter-bank deposits are among the categories excluded from insurance.
Incorrect
Inter-bank deposits are among the categories excluded from insurance.
Unattempted
Inter-bank deposits are among the categories excluded from insurance.
-
Question 49 of 74
49. Question
Are deposits of foreign governments covered by DICGC?
Correct
Deposits of foreign governments are excluded from DICGC insurance.
Incorrect
Deposits of foreign governments are excluded from DICGC insurance.
Unattempted
Deposits of foreign governments are excluded from DICGC insurance.
-
Question 50 of 74
50. Question
What is the treatment of amounts due on deposits received outside India?
Correct
Amounts due on deposits received outside India are excluded under the Act‘s deposit insurance provisions.
Incorrect
Amounts due on deposits received outside India are excluded under the Act‘s deposit insurance provisions.
Unattempted
Amounts due on deposits received outside India are excluded under the Act‘s deposit insurance provisions.
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Question 51 of 74
51. Question
Are deposits collected by non-banking financial companies covered by DICGC?
Correct
DICGC does not insure deposits mobilised by NBFCs.
Incorrect
DICGC does not insure deposits mobilised by NBFCs.
Unattempted
DICGC does not insure deposits mobilised by NBFCs.
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Question 52 of 74
52. Question
Are deposits in primary cooperative societies insured by DICGC?
Correct
Primary cooperative societies are not insured by DICGC; eligible cooperative banks are covered under the scheme.
Incorrect
Primary cooperative societies are not insured by DICGC; eligible cooperative banks are covered under the scheme.
Unattempted
Primary cooperative societies are not insured by DICGC; eligible cooperative banks are covered under the scheme.
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Question 53 of 74
53. Question
Are Regional Rural Banks included in DICGC deposit insurance?
Correct
Regional Rural Banks are included among insured commercial banking institutions.
Incorrect
Regional Rural Banks are included among insured commercial banking institutions.
Unattempted
Regional Rural Banks are included among insured commercial banking institutions.
-
Question 54 of 74
54. Question
Are branches of foreign banks operating in India covered by DICGC?
Correct
Branches of foreign banks functioning in India are included among insured banks.
Incorrect
Branches of foreign banks functioning in India are included among insured banks.
Unattempted
Branches of foreign banks functioning in India are included among insured banks.
-
Question 55 of 74
55. Question
Under the 2021 amendment framework, within what period is the insured amount generally payable in specified cases involving restrictions on withdrawals?
Correct
The statutory framework provides for payment within 90 days, subject to the Act‘s process and conditions.
Incorrect
The statutory framework provides for payment within 90 days, subject to the Act‘s process and conditions.
Unattempted
The statutory framework provides for payment within 90 days, subject to the Act‘s process and conditions.
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Question 56 of 74
56. Question
Who is responsible for paying the deposit insurance premium to DICGC?
Correct
Each insured bank pays the premium to DICGC as required by Section 15.
Incorrect
Each insured bank pays the premium to DICGC as required by Section 15.
Unattempted
Each insured bank pays the premium to DICGC as required by Section 15.
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Question 57 of 74
57. Question
How is the premium rate notified under Section 15?
Correct
The Corporation notifies rates with the previous approval of the Reserve Bank.
Incorrect
The Corporation notifies rates with the previous approval of the Reserve Bank.
Unattempted
The Corporation notifies rates with the previous approval of the Reserve Bank.
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Question 58 of 74
58. Question
What can happen if an insured bank fails to pay the required premium?
Correct
Section 15A provides for cancellation of registration for non-payment of premium, subject to the statutory process.
Incorrect
Section 15A provides for cancellation of registration for non-payment of premium, subject to the statutory process.
Unattempted
Section 15A provides for cancellation of registration for non-payment of premium, subject to the statutory process.
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Question 59 of 74
59. Question
Which section deals with management of the Corporation?
Correct
Section 5 addresses management of the Corporation.
Incorrect
Section 5 addresses management of the Corporation.
Unattempted
Section 5 addresses management of the Corporation.
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Question 60 of 74
60. Question
Which section of the DICGC Act deals with the capital of the Corporation?
Correct
Section 4 deals with the capital of the Corporation.
Incorrect
Section 4 deals with the capital of the Corporation.
Unattempted
Section 4 deals with the capital of the Corporation.
-
Question 61 of 74
61. Question
Which section empowers the Corporation to make regulations?
Correct
Section 50 provides for regulations.
Incorrect
Section 50 provides for regulations.
Unattempted
Section 50 provides for regulations.
-
Question 62 of 74
62. Question
Which section deals with penalties under the Act?
Correct
Section 47 deals with penalties.
Incorrect
Section 47 deals with penalties.
Unattempted
Section 47 deals with penalties.
-
Question 63 of 74
63. Question
Which section addresses offences by companies?
Correct
Section 48 deals with offences by companies.
Incorrect
Section 48 deals with offences by companies.
Unattempted
Section 48 deals with offences by companies.
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Question 64 of 74
64. Question
Which section concerns cognizance and trial of offences?
Correct
Section 49 concerns cognizance and trial of offences.
Incorrect
Section 49 concerns cognizance and trial of offences.
Unattempted
Section 49 concerns cognizance and trial of offences.
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Question 65 of 74
65. Question
Which section empowers the Central Government to give directions to DICGC?
Correct
Section 45 provides the Central Government‘s power to give directions.
Incorrect
Section 45 provides the Central Government‘s power to give directions.
Unattempted
Section 45 provides the Central Government‘s power to give directions.
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Question 66 of 74
66. Question
Which section deals with disputes about the amount of premium?
Correct
Section 46 deals with disputes as to the amount of premium.
Incorrect
Section 46 deals with disputes as to the amount of premium.
Unattempted
Section 46 deals with disputes as to the amount of premium.
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Question 67 of 74
67. Question
Which section deals with liquidation of the Corporation itself?
Correct
Section 44 deals with liquidation of the Corporation.
Incorrect
Section 44 deals with liquidation of the Corporation.
Unattempted
Section 44 deals with liquidation of the Corporation.
-
Question 68 of 74
68. Question
Which section states that specified provisions of the Companies Act and Insurance Act do not apply to the Corporation?
Correct
Section 43 provides that the Companies Act, 1956 and Insurance Act, 1938 do not apply as specified.
Incorrect
Section 43 provides that the Companies Act, 1956 and Insurance Act, 1938 do not apply as specified.
Unattempted
Section 43 provides that the Companies Act, 1956 and Insurance Act, 1938 do not apply as specified.
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Question 69 of 74
69. Question
Which section addresses the non-application of certain RBI powers to an International Financial Services Centre?
Correct
Section 43A addresses the non-application of specified Reserve Bank powers to an IFSC.
Incorrect
Section 43A addresses the non-application of specified Reserve Bank powers to an IFSC.
Unattempted
Section 43A addresses the non-application of specified Reserve Bank powers to an IFSC.
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Question 70 of 74
70. Question
Which section protects actions taken in good faith under the Act?
Correct
Section 42 concerns protection of action taken under the Act.
Incorrect
Section 42 concerns protection of action taken under the Act.
Unattempted
Section 42 concerns protection of action taken under the Act.
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Question 71 of 74
71. Question
What is the principal public-policy benefit of deposit insurance?
Correct
Deposit insurance supports public confidence and protects small depositors against loss from specified bank-failure situations.
Incorrect
Deposit insurance supports public confidence and protects small depositors against loss from specified bank-failure situations.
Unattempted
Deposit insurance supports public confidence and protects small depositors against loss from specified bank-failure situations.
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Question 72 of 74
72. Question
A depositor has ₹4.80 lakh principal and ₹10,000 accrued interest in eligible deposits at one bank in the same capacity. What amount is within the ₹5 lakh insurance limit?
Correct
The total is ₹4.90 lakh, which is below the ₹5 lakh cap.
Incorrect
The total is ₹4.90 lakh, which is below the ₹5 lakh cap.
Unattempted
The total is ₹4.90 lakh, which is below the ₹5 lakh cap.
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Question 73 of 74
73. Question
A depositor has eligible deposits of ₹6.25 lakh at one insured bank in the same right and capacity. What is the maximum DICGC-insured amount?
Correct
The maximum insured amount is ₹5 lakh, even if eligible deposits exceed that amount.
Incorrect
The maximum insured amount is ₹5 lakh, even if eligible deposits exceed that amount.
Unattempted
The maximum insured amount is ₹5 lakh, even if eligible deposits exceed that amount.
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Question 74 of 74
74. Question
Which source is best for verifying the current DICGC Act text and deposit insurance guidance?
Correct
The official DICGC website and India Code provide primary legal text and official guidance.
Incorrect
The official DICGC website and India Code provide primary legal text and official guidance.
Unattempted
The official DICGC website and India Code provide primary legal text and official guidance.
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