Deposit Insurance and Credit Guarantee Corporation (DICGC): ● It is set up by the government under RBI to protect the depositors if a bank fails . ● It provides insurance protection to the depositor’s money by receiving a premium . ● It charges 10 paise per ₹100 of deposits held by a bank . ● The premium is paid by the banks and not passed on to the depositors . ● The deposit insurance cover is revised to ₹5 lakh in February 2020, raising it from ₹ 1 lakh since 1993. So, statement 1 is correct .