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DICGC Amendment Bill gets Cabinet approval, up to 5 lakhs to remain safe in case of banks shut
The Union Cabinet on Wednesday approved the Deposit Insurance and Credit Guarantee Corporation Bill, 2021, which proposes to provide relief to small depositors by providing guarantees on their life savings. According to Finance Minister Nirmala Sitharaman, the bill will increase the sum insured in both principal and interest on bank deposits of each depositor to Rs 5 lakh.
The Union Cabinet on Wednesday approved the Deposit Insurance and Credit Guarantee Corporation Bill, 2021, which proposes to provide relief to small depositors by providing guarantees on their life savings. According to Finance Minister Nirmala Sitharaman, the bill will increase the sum insured in both principal and interest on bank deposits of each depositor to Rs 5 lakh.
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