Key Takeaways From PM ‘Depositors First’ Address

Prime Minister Narendra Modi addressed a function on “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh” in New Delhi on Sunday, 12 November.Union Finance Minister, MoS Finance and RBI Governor were among those present on the occasion. Key Takeaways:  More than one lakh depositors have got their money back that was stuck for years. This amount is more than Rs 1300 crore. Guaranteed amount increased to Rs 5 lakh from earlier Rs 1 lakh. Mandatory for banks to refund within 90 days — Earlier there was…

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Govt Introduces Deposit Insurance And Credit Guarantee Corporation (Amendment) Bill In Rajya Sabha

The Bill has proposed that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The government on Friday introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in the Rajya Sabha, which aims to provide timely support to depositors of stressed banks. Minister of State for Finance Bhagwat Karad introduced the Bill, which seeks to provide…

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