Deposit Insurance & Credit Guarantee Corporation Bill 2021 gets Cabinet nod

New Delhi: Union Cabinet yesterday cleared the Deposit Insurance and Credit Guarantee Corporation Bill 2021, which insures each depositor’s deposits in the banks upto maximum of five lakh rupees in each bank.

Briefing reporters in New Delhi after the cabinet meeting, Finance Minister Nirmala Sitharaman said, the bill insures all bank deposits



such as savings, fixed deposits, current or recurring deposits.

She said, it also covers all commercial, public, private sector banks and branches of foreign bank in India. The Minister said, each depositor’s deposits in the banks are insured up to maximum of five lakh rupees in each bank.