Discussion
The Deposit Insurance Corporation commenced functioning in which of the following years?
Answer: A
The Deposit Insurance Corporation began functioning on 1 January 1962 under the Deposit Insurance Act, 1961, which received assent in December 1961. The later years 1963, 1964 and 1965 are after the start of its operations, so 1962 is the right year. The Act followed the failures of Laxmi Bank and the Palai Central Bank in 1960, and in 1978 the Corporation merged with the Credit Guarantee Corporation to form the DICGC.
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