Cabinet nods to the Deposit Insurance (Amendment) Bill allowing bank depositors to get coverage upto

The Union Cabinet has approved of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 to amend the Deposit Insurance and Credit Guarantee Corporation Act, 1961. The Bill seeks to provide support to depositors of stressed banks. The Bill provides holders security of their money by allowing access to up to Rs 5 lakh within 90 days of a bank coming under a moratorium.

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