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Cabinet clears Deposit Insurance & Credit Guarantee Corporation Bill 2021

Union Cabinet today cleared the Deposit Insurance and Credit Guarantee Corporation Bill 2021. Briefing reporters in New Delhi after the cabinet meeting, Finance Minister Nirmala Sitharaman said, it 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 upto maximum of five lakh rupees in each bank.

 

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