In a move which will provide relief to depositors of troubled banks, the Union Cabinet on Wednesday cleared amendments in the Deposit Insurance Credit Guarantee Corporation (DICGC) Act 1961, under which account holders of the affected bank will get up to Rs 5 lakh within 90 days of its collapse. The Union Cabinet has cleared the DICGC Bill 2021, Finance Minister Nirmala Sitharaman told media persons after the cabinet meeting.
