Q. Consider the following statements regarding Deposit Insurance and Credit Guarantee Corporation (DICGC):

1. DICGC insures deposits of the central or state governments but not of foreign governments.
2. It also insures deposits in State Land Development Banks with the State cooperative bank.
3. Each depositor in a bank is insured up to a maximum of ₹5,00,000.

Which of the statements given above is/are correct?
Answer: Only 2 and 3
Notes: The DICGC does not insure deposits of central or state governments or foreign governments, but insures deposits in State Land Development Banks with State cooperative banks. Further, each depositor in a bank is insured up to ₹5,00,000 covering both principal and interest. Statement 1 is incorrect, while statements 2 and 3 are correct.