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Good News! If the bank sinks within 90 days, you will get 5 lakh rupees of insurance, cabinet approves bill amendment

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Money will not be there for the bank’s sinking, the amount will be available within 90 days. (symbolic picture)

New Delhi:

In the last few years, due to allegations of irregularities on many other banks including PMC, the money of bank customers is stuck in the bank. In such a situation, the central government is already present to ensure the protection of the interests of the depositors. A new amendment in the law DICGC Has brought, under which customers will get their stuck insurance money in a fixed period.

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This bill amendment has been passed in the cabinet meeting on Wednesday. Finance Minister Nirmala Sitharaman told in a press briefing after the meeting that this amended bill will be introduced in this monsoon session.

what is the new change

Finance Minister Sitharaman said that the cabinet has today passed an amendment in the Deposit Insurance and Credit Guarantee Corporation Bill, which will increase the insurance coverage on deposits of customers and if the bank sinks or comes under financial pressure, the insurance money of the depositors. It will reduce the amount of time it takes to meet. He said that after the amendment of the bill, it will cover about 98.3 depositors under the new rule.

Under this amendment in the DICGC bill, if a bank goes into the moratorium, that is, it comes in a state of drowning or comes under any financial pressure, then this new law will come into force. In the first 45 days, the bank will have to handover everything to the insurance company. After this, the depositors will get their insurance money in 90 days, whether by then the bank’s problem is resolved or not.

That is, in the event of loss of money, the bank customers will have a deposit of 5 lakhs insured and they will get this amount within 90 days.

What happens now…

First of all, let us tell you that if any bank sinks or due to any reason the customers’ money gets stuck, then it happens that their money is not available until necessary action is taken against that bank. The necessary process is not completed, or that bank does not start selling its assets.

But now according to the new amendment, a provision is being made that even if there is no solution to the bank’s problem, the depositors have to pay 5 lakh of insurance on their amount within 90 days.

Will get insurance amount

Earlier, in the event of a bank collapse, customers used to get an insurance amount of 1 lakh on their deposits, but now it has been increased to 5 lakh and now if this new change is approved, then this insurance amount will be given to the depositors within 90 days. Will find you inside.

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