The Union Cabinet on Wednesday approved amendment to the Deposit Insurance Credit Guarantee Corporation or DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Each depositors bank deposit is insured upto Rs 5 lakh in each bank for both principal and interest. This will cover 98.3% of all deposit accounts. The government also approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law.
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