Union Budget 2021: The government has proposed to amend the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act to increase insurance protection on deposits to five times to five lakh rupees.
Union Budget 2021: The government is working on making the money deposited in banks more safe than before. Under this, up to five lakh rupees of the money kept in banks in future will be completely safe. For this, the government has proposed the amendment in the Deposit Insurance and Credit Guarantee Corporation Act in the budget. This will lead to insurance protection on depositors of banks in a crisis up to five lakh rupees. According to the news of PTI, the government has proposed to amend the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, to increase insurance protection on deposits by five times to five lakh rupees.
The amendment will be presented in this session
According to the news, Finance Minister Nirmala Sitharaman said in his budget speech that I will introduce amendments to the DICGC Act-1961 (DICGC Act-1961) in this session. With this, these provisions can be rationalized. He said that this step will provide relief to the depositors of those banks, which are in crisis in recent times. DICGC is a wholly owned subsidiary of the Reserve Bank of India. It provides insurance cover on bank deposits.
Customers are troubled by the crisis in some banks recently
Let me tell you, in the recent times, due to the crisis Punjab and Maharashtra Co-operative (PMC) Bank, Yes Bank and Laxmi Vilas Bank, thousands of millions of customer money have been stranded. In view of such fears, the government is preparing to ensure a guarantee of safety of at least five lakh rupees to the customer.
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