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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

New delhiNirmala sitharamanLiability partnership actUnion cabinet onCredit guarantee corporationUnion cabinetDeposit insuranceGuarantee corporationReserve bankLimited liability partnership actபுதியது டெல்ஹிபொறுப்பு கூட்டு நாடகம்தொழிற்சங்கம் மந்திரி சபை ஆன்கடன் உத்தரவாதம் நிறுவனம்தொழிற்சங்கம் மந்திரி சபைவைப்பு காப்பீடு