The correct answer is option 2. Explanation & Key Takeaways: The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021: • The Act was passed by the Parliament in August 2021. Hence, statement (a) is correct. • The act will cover 98.3% of depositors and 50.9% of deposit value in the banking system, way above the global level of 80% and 20-30%, respectively. • It will cover all types of banks, which also include regional rural banks and cooperative banks. • It will cover banks already under moratorium and those that could come under moratorium. • It will provide funds up to Rs 5 lakh to an account holder within 90 days in the event of a bank coming under the moratorium imposed by the Reserve Bank of India (RBI). • The deposit insurance premium is compulsory for all insured banks and is paid by banks to DICGC and is not recovered from the depositors. Hence, statement (b) is not correct and statement (c) is correct. • Within the first 45 days of the bank being put under moratorium, the DICGC would collect all information relating to deposit accounts. • In the next 45 days, it will review the information and repay depositors within a maximum of 90 days. • It permits raising the deposit insurance premium by 20% immediately, and a maximum by 50%.