Finance Minister Nirmala Sitharaman gave information, bank premium also increased
An important decision was taken in the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. According to the new decision taken by the Central Government, even after the closure of any bank or the cancellation of the license, they will be able to get back up to 5 lakh deposits of the customer deposited inside the bank. For this, the Cabinet has given permission to amend the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act.
Let us tell you that before this, in case of bankruptcy of the bank or cancellation of its license, the amount of up to 1 lakh of the customer was safe. But the government has now increased it to 5 lakhs. After the meeting, Finance Minister Nirmala Sitharaman informed that the amount deposited in any bank up to 5 lakh will now be safe and in case of closure of the bank, he will get his money back within 90 days.
Modi Govt took many measures to protect depositors
– Banking Regulation Amendment brought all banks, including Cooperative Banks, under RBI
– Deposit cover increase from Rs 1L to Rs 5L
– Deposit cover access (Rs 5L) within 90 days of bank failure instead of after liquidation
— Tejasvi Surya (@Tejasvi_Surya) July 28, 2021
Let us tell you that there is a security guarantee from DICGC on the amount deposited by the customer in the bank up to 5 lakhs. In which the money deposited in all the branches of the bank is counted. This limit of five lakhs is the amount of the customer including the principal amount and interest. The DICGC covers all bank deposits, including commercial banks, Indian branches of foreign banks, small finance banks, co-operative banks and payments banks. Apart from this, the Finance Minister also told that earlier the premium of 10 paise was paid by the banks for every 100 rupees, which has now been increased to 12 paise.