Depositors to get up to Rs 5 lakh within 90 days even if bank under moratorium: FM Sitharaman | Business


Jul 28, 2021, 06:09PM ISTSource: Times Now

The Union Cabinet on Wednesday is holding a press conference with Finance Minister Nirmala Sitharaman and I&B Minister Anurag Thakur and Minister of State L Murugan in New Delhi. During the press briefing, the Cabinet cleared Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill and Limited Liability Partnership Amendment Bill. On 91st or 95th day after the bank is placed under moratorium, you will get your money as the new rules will not wait for the eventual liquidation or resolution,” Sitharaman says. -Even if there’s moratorium on bank, this measure will set in. First 45 days will go for banks in distress to hand over to the insurance corporation; within 90 days process will be definitely completed without waiting for resolution, a relief for all banks under moratorium, says FM.

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