Good news for THESE Bank customers; Cabinet clears amendments to DICGC Act

Big news has come for the distressed customers of banks like Punjab and Maharashtra Cooperative Bank, Yes Bank, Laxmi Vilas Bank. The Union Cabinet in its meeting held on Wednesday has allowed changes in the DICGC Act. The Bill will now be placed in Parliament. This will enable account holders to get money under insurance within 90 days if a bank sinks. The same Finance Minister Nirmala Sitharaman informed about the decision taken at the cabinet meeting. The cabinet meeting chaired by PM Narendra Modi has allowed amendments to the Deposit Insurance and Credit Guarantee Corporation Act.

The Finance Minister informed that the Cabinet today approved the Insurance and Credit Guarantee Corporation Bill, 2021. The Bill will be placed in the Monsoon Session of Parliament. The amendment will also protect the money of account holders and investors. Once approved, account holders under the insurance will get rs.90 days within the limit of 90 days when a bank sinks.

He said that under this, all the banks operated by Commerce Will come, even if it is a rural bank. The Finance Minister said that the bank pays a premium for such insurance, not the customer. DICGC is actually a subsidiary of rbi and it provides insurance cover on bank deposits. So far, the policy was that depositors will not get money even if they have insurance of Rs.5 lakhs unless the Reserve Bank completes a variety of procedures. Because of this, they do not get a penny for a long time. But the change in the Act will provide relief to the customers.

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