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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