Deposit insurance credit guarantee corporation, Financial services company

Hours after Parliament passed the amendment to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill, 2021 in Lok Sabha on Monday, Lok Sabha MP Tejasvi Surya lauded Finance Minister Nirmala Sitharaman and said the bill would provide interim relief to all depositors of the stressed Sri Guru Raghavendra Cooperative Bank.The DICGC amendment bill mandates to get deposit insurance of up to Rs 5 lakh to account holders in banks placed under a moratorium within a time period of 90 days. Earlier, depositors had to wait for 8-10 years for receiving their deposit insurance given at the time of liquidation, reconstruction or merger.Sri Guru Raghavendra Bank has been in the eye of a storm after a multi-crore cooperative scam came to light last year.Surya expressed his gratitude to Sitharaman for coming to the assistance of more than 40,000 depositors of the Guru Raghavendra Bank."It is an example of how PM Narendra Modi's government puts the interests of the common citizen first. It is only due to the tireless efforts of FM Nirmala Sitharaman that depositors of Guru Raghavendra Bank, mainly senior citizens, retirees and middle-class families, will receive an interim relief of up to Rs 5 lakh in 90 days," he said."In all, there are 41,804 depositors in Guru Raghavendra Bank and around 31,576 account holders have deposits up to Rs 5 lakh. The Bill would provide the maximum relief to 75.53 per cent of depositors of the bank within 90 days of the notification," Surya added.The Member of Parliament pointed out that in the Winter Session of 2020, the government also passed another historic amendment to the Banking Regulation Act, bringing all banks under the ambit of RBI with respect to its banking functions."The reforms put an end to the conflict of interest of the promoters of banks and paved the way for more professionalism and progressive banking practices in cooperative banks. Even during the Budget Session, the FM had declared that she would bring a Bill to provide relief to all depositors of stressed banks and today, she has managed to successfully pass the Bill in both the Houses," he said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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