DICGC to pay depositors of PMC and other stressed banks
The Hindu
The Parliament passed the DICGC (Amendment) Bill, 2021 during the monsoon session in the wake of RBI-imposed restrictions on PMC Bank last year
The Deposit Insurance and Credit Guarantee Corporation (DICGC) has that come under All Inclusive Directions (AID), an amount equivalent to the deposits outstanding, up to ₹5 lakh.
The DICGC will complete the payment process within 90 days from the date of announcement.
According to a press release issued on Tuesday, September 21, the Reserve Bank of India subsidiary shall settle the claims as per Section 18A of the DICGC (Amendment) Act, 2021, as well as the Corporation’s procedure.
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