Depositors of PMC, other banks to benefit from DICGC Bill: FM Sitharaman

We want to make sure within 90 days depositors get the money so that small depositors who make up 98% of all depositors will get their money in time, she said

Depositors of Punjab and Maharashtra Cooperative (PMC) Bank, Guru Raghavendra Cooperative Bank that are under stress will benefit from the changes in the Deposit Insurance Credit Guarantee Corporation Act, and will be eligible to withdraw up to Rs 5 lakh within 90 days, said Finance Minister Nirmala Sitharaman.

“(DICGC) Bill is effective from now, but PMC Bank, Guru Raghavendra Bank that are already under stress but which are not under moratorium, which may have administrator sitting and sorting the business out, even their depositors will benefit and get Rs 5 lakh within 90 days,” Sitharaman said while tabling the Bill