Home Banking Union cabinet clears Deposit Insurance Credit Guarantee Corporation (DICGC) Bill 2021

Union cabinet clears Deposit Insurance Credit Guarantee Corporation (DICGC) Bill 2021

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(G.N.S) Dt. 28

New Delhi

Union Finance Minister Nirmala Sitharaman, along with Union Minister for Information and Broadcasting Anurag Thakur has said that Union Cabinet has cleared the Deposit Insurance Credit Guarantee Corporation Bill 2021.

The amendment to the DICGC Bill, 1961 is the budget announcement made by the finance minister.

Under the DICGC, each depositor’s bank deposit is insured up to Rs 5 lakh in each bank (for both principal and interest). The increase of insured amount from Rs 1 lakh to Rs 5 lakh will cover 98.3 per cent of all deposit accounts and 50.9 per cent of deposit value, Finance minister Sitharaman added.

“Normally, it takes 8-10 years after complete liquidation to get money under insurance; but now, even if there is a moratorium, within 90 days, the process will definitely be completed, giving relief to depositors, the finance minister said.

The DICGC will check the accounts handed over and hand over the money in approximately 90 days to the depositors,” the minister informed. Further, the Union Cabinet proposed the first amendment to the Limited Liability Partnership Act.

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