fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Non Banking Insurance

Bank depositors to get up to Rs 5 lakh refund under DICGC (Amendment) Bill, 2021

The Deposit Insurance and Credit Guarantee Corporation (DICGC) (Amendment) Bill, 2021, was passed by the Lok Sabha yesterday

Archana Karumanchi by Archana Karumanchi
August 10, 2021
in Central, Insurance, Retail, Top Stories
Reading Time: 2 mins read
0
Bank depositors to get up to Rs 5 lakh refund under DICGC (Amendment) Bill, 2021

Bank depositors to get up to Rs 5 lakh refund under DICGC (Amendment) Bill, 2021

765
SHARES
4.2k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

The Deposit Insurance and Credit Guarantee Corporation (DICGC) (Amendment) Bill, 2021, was passed by the Lok Sabha yesterday. The DICGC Act amendments will immediately benefit the thousands of depositors of banks like Lakshmi Vilas Bank, PMC Bank, and Yes Bank.

Banks under stress take a long time to provide any resolution, and depositors do not get more than the emergency money for medical treatment. Nirmala Sitharaman said that the government wants to ensure that small depositors, who make up 98 percent of all depositors, will get their money within 90 days.

According to the DICGC (Amendment) Bill, 2021, DICGC will be liable to pay the depositors an insured amount of Rs 5 lakh once a bank that is stressed is on a moratorium. Also, a list clearly showing the outstanding deposit amounts of each of the depositors of the insured bank must be provided by the lender within 45 days.

DICGC will have to cross-check the authenticity of each of these claims made within 30 days of receiving the list. DICGC has to establish if the depositor is willing to take the amount due to him, out of his deposit in the bank. The entire time that this said process takes should not exceed 90 days.

Section 15 of the DICGC Act was amended to enable the corporation to increase the ceiling on the amount of premium paid by banks to DICGC to 15 paise for Rs 100 worth deposits per annum, with the prior approval of the RBI, Reserve Bank of India.

The finance minister Nirmala Sitharaman announced that if the license of any bank gets cancelled and the liquidation process happens, the insurance cover will be Rs 5 lakhs on each deposit from the earlier amount of Rs 1 lakh.

DICGC is a subsidiary of the Reserve Bank of India and provides an insurance cover on deposits made in banks. This insurance system covers all private banks, public banks, cooperative banks, and foreign banks in India, except for some specific kinds of deposits.

Tags: Deposit Insurance and Credit Guarantee CorporationDICGCinsurance coverLakshmi Vilas BankLok SabhaRBI
Archana Karumanchi

Archana Karumanchi

Archana Das Karumanchi is our content writer with a Master's degree in English Literature. She is not only well versed in the English language but also has a degree in Economics. Her key strength is the ability to write articulately about economic issues and trends keeping the target audience in mind.

Related Posts

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy
Economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

by Riya Thomas
March 21, 2023
First Republic Shares Plummet Amid Liquidity Fears
Banking

First Republic Shares Plummet Amid Liquidity Fears

by Anuj Singh
March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated
Technology

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

by Rahil Adnan
March 21, 2023
Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi
Islamic

Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

by Riya Thomas
March 20, 2023
$17 Billion Debt Deemed Worthless by Credit Suisse, Leaves Bondholders Indignant
Commercial

$17 Billion Debt Deemed Worthless by Credit Suisse, Leaves Bondholders Indignant 

by Rahil Adnan
March 20, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

First Republic Shares Plummet Amid Liquidity Fears

First Republic Shares Plummet Amid Liquidity Fears

March 21, 2023
Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version