Live mint reports the government may bring in an amendment to the DICGC Act with a view to affording account holders a hassle-free access to funds to the extent of the deposit insurance cover.
It is worth mentioning that the government had earlier raised insurance cover on deposit five-folds to Rs 5 lakh in order to support depositors of crisis-ridden lenders (PMC Bank and others).
The amendment to the (DICGC) Act, 1961 is an important announcement made by the Finance Minister. It is said the bill is likely to be tabled in the upcoming monsoon session of parliament.