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Bank depositors to get their money back within 90 days of moratorium

The Union Cabinet has given approval to the amendment proposal of the DICGC Act. On Wednesday, Finance Minister Nirmala Sitharaman announced amendments to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 in the budget. Last year, the central government had increased the insurance cover on deposits in bank accounts by five times to Rs 5 lakh. Announcing the decisions, Union Minister Anurag Thakur today said that DICGC was created in case people faced difficulties after RBI imposes moratoriums on banks. He added, “Today’s Cabinet meeting has decided that within 90 days, depositors will receive Rs 5 lakhs of their money.”

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Avantika Yadav
23, Content Editor @HeadlineEnglish @HeadlineHindi

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