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Govt introduces Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in Rajya Sabha
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Patchwork progress: The Hindu Editorial on insured bank deposits repayment
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Union Cabinet approves Bill to protect bank deposits of up to Rs 5 lakh
Published : Jul 29, 2021, 7:27 am IST
Updated : Jul 29, 2021, 7:38 am IST
Union Cabinet on Wednesday approved a Bill to protect bank deposits of up to Rs 5 lakh
Union Finance Minister Nirmala Sitharaman addresses a press conference on Cabinet decisions, in New Delhi, Wednesday, July 28, 2021. (PTI Photo
New Delhi: In a big relief to depositors, the Union Cabinet on Wednesday approved a Bill to protect bank deposits of up to Rs 5 lakh if the RBI freezes withdrawal of depositor money at a bank.
Briefing the media after the Cabinet meeting, finance minister Nirmala Sitharaman said the Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill would insure an amount of Rs 5 lakh stored in bank accounts. “The law will protect 98.3 per cent of the bank accounts. The Bill also increases deposit insurance coverage and reduces the time taken for depositors to recover sums if a bank comes under financi
Rule to protect depositors’ fund in banks gets Cabinet approval
“This will be the biggest relief we can offer those small depositors and nearly covering 98.3% depositors,” Sitharaman said in a press conference post the cabinet meeting.
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Union Finance Minister Nirmala Sitharaman addresses a press conference on Cabinet decisions, in New Delhi on Wednesday | Shekhar Yadav By Express News Service
NEW DELHI: A move which will protect depositors of troubled bank, Union Cabinet on Wednesday approved changes to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, which will allow depositors to withdraw up to Rs 5 lakh in 90 days, even if the bank goes under moratorium.
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