Parliament passes Deposit Insurance and Credit Guarantee Corporation Amendment Bill

New Delhi [India], August 10 : The Lok Sabha on Monday passed a bill that provides account holders security of their money by allowing access to up to Rs 5 lakh within 90 days of a bank coming under a moratorium imposed by RBI.
The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 was passed by a voice vote amid protests by opposition parties over various issues, including the Pegasus row and new farm laws.
The bill had been passed by Rajya Sabha earlier.
Finance Minister Nirmala Sitharaman said the bill will help small depositors including those of Punjab and Maharashtra Cooperative Bank (PMC).
The bill seeks to ease the difficulties of depositors about withdrawing money from banks if RBI imposed a moratorium.