There is good news for depositors of stressed cooperative banks such as Punjab and Maharashtra Cooperative (PMC) Bank and 23 others that have attracted certain RBI restrictions. From November 30, depositors of these banks will get up to Rs 5 lakh under Deposit Insurance and Credit Guarantee Corporation (DICGC) Act. Provisions of the DICGC Act came into force from September 1, according to a gazette notification dated August 27, 2021. The government increased the insurance cover on deposits by five times to Rs 5 lakh in February. Even if you hold a larger amount, you will get only Rs 5 lakh in case your bank's finances deteriorate and the regulator imposes restrictions on withdrawal.