Finance Minister: The deposit amount up to five lakh rupees will be available in 90 days, if the bank sinks

New Delhi, July 29

The Union Cabinet on Wednesday approved the Deposit Insurance and Credit Guarantee Corporation Amendment Bill-2021, in which a provision has been made to give deposit insurance amount within 90 days to the depositors in case of bank failure.

Finance Minister Nirmala Sitharaman said that this bill will be introduced in Parliament in the monsoon session itself.

Under this Amendment Bill 2021, 98.3 per cent of all deposits will be covered and in terms of deposit value, 50.9 per cent of deposits will be covered.

Union Information and Broadcasting Minister Anurag Thakur and Minister of State L Murugam also attended the press conference.