On Wednesday, the Union Cabinet agreed to pass the Deposit Insurance Credit Guarantee Corporation Bill (DICGC). This is a more to protect the interest of depositors.
Finance Minister Nirmala Sitharaman said that the bill will insure bank deposits up to Rs. 5 lakh.
It will insure bank deposits such as savings, FDs, current or recurring deposits. It also covers commercial, public, private sector banks & branches of foreign banks in India.
The Cabinet has also proposed amendments to the Limited Liability Partnership Act. “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 for Information and Broadcasting Anurag Thakur said.
