PMC Bank depositors to get up to Rs 5 lakh back from Nov 30

Punjab & Maharashtra Cooperative (PMC)

Depositors of stressed lender like Punjab & Maharashtra Cooperative (PMC) Bank are going to receive Rs 5 lakh back from November 30. This information has been notified by the centre as an amendment to the DICGC Act.

Earlier this month, Parliament cleared the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders will get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.

The amount of Rs 5 lakh will be transferred from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

According to a gazette notification dated August 27, 2021, The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force,

“In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (30 of 2021), the Central Government hereby appoints the 1st day of September, 2021, as the date on which the provisions of the said Act shall come into force,” it said.

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Consequently, 90 days from the effective date is November 30, 2021 for depositors will receive their funds back.

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