About: The Union Cabinet recently approved amendment to the DICGC Act, 1961 to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium. The Bill will provide immediate relief to thousands of depositors, who had their money parked in stressed lenders such as PMC Bank and other small cooperative banks. As per the provisions of the Bill, the first 45 days will go for the bank, which has come under stress, to collect all the accounts where the claims will have to be made, and then it will be given to this insurance company, which in real-time will check it all up, and nearer the 90th day, depositors will get the money.
Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill, 2021
