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Context: The Union Cabinet recently cleared amendments to the Deposit Insurance Credit Guarantee Corporation (DICGC) Act, 1961.
Amendments to the DICGC Act, 1961
Normally, it takes about 8-10 years, after complete liquidation of the bank.
This rule will be applicable to stressed banks that have been placed under a moratorium by the Reserve Bank of India.
The Corporation will get another 45 days to check these details and process the claims.
Deposit Insurance Credit Guarantee Corporation
Deposit Insurance: It is a protection cover against losses accruing to bank deposits if a bank fails financially and has no money to pay its depositors and has to go in for liquidation.
Credit Guarantee: It is the guarantee that often provides for a specific remedy to the creditor if his debtor does not return his debt.
By: Shubham Tiwari ProfileResourcesReport error
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