5. With reference to ‘Deposit Insurance on Bank’s Deposit’, consider the following statements:
- 1.Deposit insurance is providing insurance protection to the depositor’s money by receiving a premium.
- 2.Insurance Regulator Development Authority (IRDA) is responsible to issue the depositor’s money in case of bank’s failure.
- 3.Under the scheme it insures all types of bank deposits including savings, fixed and recurring with an insured bank.
Which of the statement(s) given above is/are Correct?