bank sinks, DICGC Act,bank account money | Bank Account: ‘Account holders will get money’ within 90 days if the bank sinks, Modi cabinet took a big decision

bank sinks, DICGC Act,bank account money | Bank Account: ‘Account holders will get money’ within 90 days if the bank sinks, Modi cabinet took a big decision

NIRMALA SITARAMAN

Union Finance Minister Nirmala Sitharaman&nbsp | &nbspPhoto Credits:&nbspANI

Headlines

  • Amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC Act) Act approved
  • This was announced by Finance Minister Nirmala Sitharaman in the budget.
  • The purpose is that the money deposited by the customers in the bank can be safe.

New Delhi: The Modi government has given a big relief for the people with money stuck in banks that have been closed or canceled due to some reason, the Union Cabinet has given a big relief to the account holders in the event of bank sinks. The proposal to amend the DICGC Act has been approved to provide security to the government to get its amount up to Rs 5 lakh within 90 days, this decision was taken in the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.

Union Finance Minister Nirmala Sitharaman said that the amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC Act) Act has been approved in the cabinet meeting chaired by PM Modi, he said that the bill related to this has been introduced in the current monsoon session. Will go

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This was announced by Finance Minister Nirmala Sitharaman in the budget.

It is being told that this step will help the depositors to ensure access within the stipulated time-frame and meet the financial needs, it was announced by Finance Minister Nirmala Sitharaman in the budget, which has now been implemented by the government. The motive behind this decision is that the money deposited by the customers in the bank can be safe.

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In Budget 2021, the Finance Minister had announced to increase the limit for bank deposits insured under the DICGC Act from Rs 1 lakh to Rs 5 lakh. After the fraud in Punjab and Maharashtra Cooperative Bank, bank customers started demanding to return their money, after which Finance Minister Nirmala Sitharaman took this step in the budget.

Information about all those accounts will be collected within 45 days
The Finance Minister said that in the case of a troubled bank, information about all those accounts would be collected within the first 45 days. The DICGC will check these accounts and then within the next 45 days, the process of handing over the amount up to Rs 5 lakh to the depositors will be completed.


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