Bank FD: What the changes to Deposit Insurance Act mean for investors
Under the amendment, depositors of a bank under moratorium will no longer have to wait to access their money
All commercial banks and even branches of foreign banks operating in India will come under the purview of this Act
In a major relief to depositors of troubled banks, the Union Cabinet on Wednesday approved an amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, under which, account holders can access up to 5 lakh deposits within 90 days of a bank coming under moratorium. This amendment, as announced by Finance Minister in a press conference today, will ensure timely support to depositors.