Reserve Bank of India Imposes Regulatory Restrictions on Mogaveera Co-operative Bank
Under these directives, depositors are allowed to withdraw a maximum of up to Rs 1 lakh from their total balance during this restricted period.
The RBI explicitly clarified that this action does not amount to a cancellation of the banking license, and the institution may continue operational recovery.
Eligible depositors are fully protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which insures savings and deposits up to a maximum limit of Rs 5 lakh.
Key Facts / Static GK
RBI Governor: Shaktikanta Das
DICGC Established: 1978 (under the DICGC Act, 1961)
Q Practice Quiz — 13 June 2026
1. Who has been appointed to succeed General Upendra Dwivedi as the next Chief of the Army Staff (COAS) of India?
Explanation: Lieutenant General Dhiraj Seth, currently working as the Vice Chief of the Army Staff, has been selected to take over as the next Chief of the Army Staff (COAS) starting July 1, 2026, following General Upendra Dwivedi's retirement.
2. With reference to India's retail inflation updates in May 2026, consider the following statements: 1. Retail inflation rose to 3.93% in May 2026. 2. The new base year for retail inflation is 2024 = 100. 3. Under the expanded basket, the total number of items in the national CPI index rose to 358. Which of the statements given above are correct?
Explanation: All three statements are correct. Retail inflation reached 3.93% in May 2026. The NSO updated the base year to 2024, expanding the total item basket to 358 items to track inflation more comprehensively.
3. Under the regulatory directions placed on Mogaveera Co-operative Bank, what is the maximum deposit insurance coverage available to any depositor via DICGC?
Explanation: The maximum insurance coverage offered to a bank depositor by the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India is capped at Rs 5 lakh, regardless of individual withdrawal limits imposed during temporary restrictions.
4. Which tech enterprise developed 'Varya', recognized as India's first indigenous distilled video AI model?
Explanation: 'Varya' was created by Avataar.ai as India's first distilled video AI engine, backed by the central government's IndiaAI Mission.
5. A tripartite MoU was signed in June 2026 for oil and gas exploration between the Central Government and which two state governments?
Explanation: The Central Government inked a historic tripartite agreement with the governments of Assam and Nagaland to foster joint oil and natural gas exploration in the two states.
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