Keeping the bill for discussion and passing, Finance Minister Nirmala Sitharaman said that in 2019 many cooperative banks were in trouble and depositors also had to face problems.
An important bill related to fixed deposits has been passed in the Lok Sabha on Monday. After passing this bill, the account holders will be entitled to withdraw up to Rs 5 lakh from such banks which will be in trouble. The bill has been named the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 (DICGC) and has been approved in Parliament amid uproar. This bill was already passed in the Rajya Sabha. Also Read: Exchange 1 Rupee Old Note And Get lakhs Rupees, here’s how
Get money on time
Keeping the bill for discussion and passing, Finance Minister Nirmala Sitharaman said that in 2019 many cooperative banks were in trouble and depositors also had to face problems. He said that under the leadership of Prime Minister Narendra Modi, this government had increased the insurance for depositors from Rs 50,000 to Rs 1 lakh. Now it has been made five lakh rupees. Along with this, depositors will get money on time. Also Read: Kisan Credit Card: Apply For KCC Online At SBI, Direct Link Here
Small depositors will benefit
Sitharaman also said that this bill will be effective from now on. Banks like PMC Bank and Sri Guru Raghavendra Bank faced problems earlier, their depositors will also benefit from this. Finance Minister Sitharaman said in her statement that after this bill, small depositors will get the benefit. Also Read: EPFO New Rule: Your employer may stop contributing to your EPF account if you fail to do this
After the bill, account holders of 23 co-operative banks will benefit from this. These 23 banks are such that are in a state of crisis at the moment and some restrictions have been imposed on them by the Reserve Bank of India (RBI). Also Read: EPFO New Rule: Your employer may stop contributing to your EPF account if you fail to do this
Money can be withdrawn within 90 days
The Finance Minister said that the interests of small depositors will be kept in mind and they will be able to withdraw money within 90 days. Once it becomes a law, account holders depositing money in PMC Bank will get a big benefit.
In the current rules, the insurance available on deposits above Rs 5 lakh is effective when the license of the bank is canceled and other necessary procedures are started. DICGC comes completely under RBI and it provides insurance cover on bank deposits. The rules that are in place now take a long time of 8 to 10 years for the depositors to clear their safe money and other claims from the troubled bank. Also Read: pmkisan.gov.in ! You dont have received 2000 rupees of pmkisan scheme then complaint this number
Big lesson learned from PMC Bank
The Reserve Bank and the Center keep a close watch on the health of all the banks. Even after this, some such incidents have been seen recently, especially in the incidents of cooperative banks, where they are not able to fulfill their promises towards the bank depositors. This happens because of the restrictions imposed by RBI. Also Read: Breaking News Center Government: PM Modi to Launch Ujjwala yojana 2.0 today you get 1600 rupees benefits and others
Last year, the insurance cover was increased by 10 times by the central government on deposits of more than 5 lakhs. This rule became effective from 4 February 2020. In September 2019, the RBI superseded the board of PMC Bank. Along with this, many types of restrictions were imposed on him. This decision was taken due to various financial irregularities.
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