Under DICGC Bill 2021, 98.3 per cent of all deposits will get covered and in terms of deposit value, 50.9 per cent deposit value will be covered
Nirmala Sitharaman. Pic/Pallav Paliwal
"The Union Cabinet has decided that depositors of troubled banks would get their money back within 90 days. As of now, several depositors of troubled lenders are waiting for longer periods to retrieve the money deposited in the bank accounts," the finance minister said at the press briefing.
Apart from DICGC Bill, 2021, the cabinet also approved the Limited Liability Partnership Amendment Bill. "To provide ease of doing business benefits to law-abiding corporators in LLP firms, the criminality has been removed. A penalty in the form of a fine has been decided for violations of general trends. This boosts Aatmanirbhar Bharat," Union Minister Anurag Thakur said during the briefing.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
