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Finance Minister made a big announcement, now if the bank closed, depositors will get back the deposit amount up to five lakhs within 90 days

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Picture shared by PIB [Twitter]
Picture shared by PIB [Twitter]

Union Finance Minister Nirmala Sitharaman held a press conference with Union Information and Broadcasting Minister Anurag Thakur today. Giving information about the decisions taken by the Union Cabinet, the Finance Minister said that the proposal to amend the Deposit Insurance and Credit Guarantee Corporation Act (DICGC) has been approved by the Union Cabinet keeping in mind the interest of bank customers.

The customers of closed banks will get a big relief from the DICGC amendment bill. Now within 90 days of RBI imposing a moratorium on a bank, the depositors of that bank will get back five lakh rupees. In the press conference, Union Information and Broadcasting Minister Anurag Thakur said that if the RBI imposes a moratorium on a bank, then the Deposit Insurance Credit Guarantee Corporation was formed so that people do not face any problem in getting the money back. In the meeting of the Union Cabinet, it was decided that the depositors would get deposits up to Rs 5 lakh within 90 days.

 

The Union Cabinet has also proposed the first amendment to the Limited Liability Partnership (LLP) Act. The Finance Minister said that for the first time an amendment has been proposed in the LLP Bill. We are making a lot of changes in the Companies Act and corporate bodies are getting a lot of ease of doing business. LLPs are becoming popular among startups.

 

The Finance Minister further said that the scope of small LLPs is being expanded. LLP with contribution less than or equal to Rs 25 lakh and LLP with turnover less than Rs 40 lakh are treated as small LLP. Now the limit of Rs 25 lakh has been increased to more than Rs 5 crore. The size of the business will be assumed to be Rs 50 crore.

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