Union Cabinet on July 28, 2021 cleared the Deposit Insurance and Credit Guarantee Corporation Bill 2021.
- Union Finance Minister Nirmala Sitharaman said, it insures all bank deposits such as savings, fixed deposits, current or recurring deposits.
- It also covers all commercial, public, private sector banks and branches of foreign bank in India.
- Each depositor’s deposits in the banks are insured upto maximum of five lakh rupees in each bank.
