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July 28, 2021 / 05:01 PM IST

Cabinet Briefing Highlights: DICGC Bill cleared by Cabinet, bank deposits up to Rs 5 lakh to be insured, says FM Sitharaman

After the Deposit Insurance Credit Guarantee Corporation Bill is enacted into a law, depositors of troubled lenders would be able to retrieve up to Rs 5 lakh from their bank accounts within 90 days, Union Minister Anurag Thakur said. Apart from DICGC Bill, the Cabinet has also cleared the proposed amendments to Limited Liability Partnership Act.

Cabinet Briefing Highlights: Union Finance Minister Nirmala Sitharaman and Union Minister for Information and Broadcasting Anurag Thakur spoke about the decisions taken by the Union Cabinet today.

Sitharaman announced that the Cabinet has cleared the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill, which would insure an amount of Rs 5 lakh stored in bank accounts. The

law will protect 98.3 percent of the bank accounts, she said.

"Deposit Insurance Credit Guarantee Corporation was created in case people faced difficulties after RBI imposes moratoriums on banks. Today's Cabinet meeting has decided that within 90 days, depositors will receive Rs 5 lakhs of their money," Thakur added.

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," Thakur said.
  • July 28, 2021 / 04:50 PM IST

    The liveblog session has concluded as the Cabinet press briefing is over. For more news, views and updates, stay tuned with Moneycontrol.com.

  • July 28, 2021 / 04:44 PM IST

    Cabinet Briefing LIVE Updates | "A multilateral MoU has been signed between international financial service centres and multilateral agencies, International Organisation of Security Commissions and International Association of Insurance Supervisors," Anurag Thakur said.

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  • July 28, 2021 / 04:38 PM IST

    Cabinet Briefing LIVE Updates | Amendments to LLP law boosts Aatmanirbhar Bharat campaign: Minister

    "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.

  • July 28, 2021 / 04:32 PM IST

     Cabinet Briefing LIVE Updates | Cabinet proposed amendment to Limited Liability Partnership Act: Sitharaman

    The Union Cabinet, in the meeting held today, has decided to propose the first amendment to the Limited Liability Partnership Act, Sitharaman said. The law hd first come into effect in 2008-2009.

  • July 28, 2021 / 04:29 PM IST

    Cabinet Briefing LIVE Updates | Depositors of troubled banks to get money up to Rs 5 lakh back in 90 days

    The Union Cabinet has decided that depositors of troubled banks would get their money, up to Rs 5 lakh, back within 90 days, Sitharaman said. As of now, several depositors of troubled lenders are waiting for longer periods to retrieve the money deposited in the bank accounts.

    "Deposit Insurance Credit Guarantee Corporation was created in case people faced difficulties after RBI imposes moratoriums on banks. Today's Cabinet meeting has decided that within 90 days, depositors will receive Rs 5 lakhs of their money," Union Minister Anurag Thakur said.

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  • July 28, 2021 / 04:24 PM IST

     Cabinet Briefing LIVE Updates | DICGC Bill cleared by Cabinet, bank deposits up to Rs 5 lakh to be insured: Sitharaman

    The proposed law will insure bank deposits up to Rs 5 lakh, Sitharaman said, adding that 98.3 percent of bank accounts would be fully protected with the law, the finance minister said.

  • July 28, 2021 / 04:19 PM IST

     Cabinet Briefing LIVE Updates | Deposit Insurance Credit Guarantee Corporation Bill cleared by Union Cabinet, says Sitharaman

    The Deposit Insurance Credit Guarantee Corporation (DICGC) Bill has been cleared by the Union Cabinet, Finance Minister Nirmala Sitharaman said.

  • July 28, 2021 / 04:15 PM IST

     Cabinet Briefing LIVE Updates | FM Nirmala Sitharaman, Union Minister Anurag Thakur begin addressing media

    Finance Minister Nirmala Sitharaman and Union Minister Anurag Thakur have begun addressing the media. Stay tuned here for the latest updates.

  • July 28, 2021 / 03:59 PM IST

    Cabinet Briefing LIVE Updates | Union Finance Minister Nirmala Sitharaman, Union Minister for Information and Broadcasting Anurag Thakur and Minister of State for Ministry of Fisheries, Animal Husbandry and Dairying, L Murugan, will talk about decisions taken by the Union Cabinet at a media briefing.

    The press briefing will begin shortly. Stay tuned to this LIVE blog for the latest updates.

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