Vikrant Shekhawat : Sep 23, 2021, 09:07 PM
For the last few years, people's money is stuck in such banks, which are kept in the moratorium by RBI. There is good news for such account holders. They are going to get their money soon. Banks which were banned by the Reserve Bank because of their fraud. Because of this, the hard earned money of lakhs of people has been stuck in such banks. But now its end is coming soon. The settlement of these banks is going to happen soon.The Central Government has implemented the provisions as per sub-section 2 under Section 1 of the Deposit Insurance and Credit Guarantee Corporation Act, 2021 on the 1st of September. In this, all those depositors will get money up to 5 lakh whose money is in the banks kept in the moratorium by the Reserve Bank. This amount will be given to the depositors of those banks who were running in the moratorium before the passage of the Bank Deposit Guarantee Act.
The Union Finance Ministry has divided these 90 days into two parts. The records of the depositors of the bank will be collected in the first 45 days. This information will have to be given to the DICGC. Later in the next 45 days, the DICGC will process all the claims and refund up to Rs 5 lakh to the depositors. The Finance Minister had said that in earlier times, it used to take 8 to 10 years for the beneficiaries to withdraw such money. But now the same work will be completed within 90 days.
The Union Finance Ministry has divided these 90 days into two parts. The records of the depositors of the bank will be collected in the first 45 days. This information will have to be given to the DICGC. Later in the next 45 days, the DICGC will process all the claims and refund up to Rs 5 lakh to the depositors. The Finance Minister had said that in earlier times, it used to take 8 to 10 years for the beneficiaries to withdraw such money. But now the same work will be completed within 90 days.