Parliament passes invoice enabling depositors to get insurance coverage cash in 90 days

The Lok Sabha on Monday handed a invoice that gives account holders safety of their cash by permitting entry to as much as ₹5 lakh inside 90 days of a financial institution coming underneath a moratorium imposed by RBI. The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 was handed by a voice vote amid protests by opposition events over varied points, together with the Pegasus row and new farm legal guidelines.

The invoice had been handed by Rajya Sabha earlier.

Finance Minister Nirmala Sitharaman stated the invoice will assist small depositors together with these of Punjab and Maharashtra Cooperative Bank (PMC).

The invoice seeks to ease the difficulties of depositors about withdrawing cash from banks if RBI imposed a moratorium.

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