Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30 | Editorji
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Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30

Aug 31, 2021 10:47 IST | By Editorji News Desk

Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act.

Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks. At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.
 
The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). 

The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

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