Query: Is DICGC applicable on all banks?
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Query: Is DICGC applicable on all banks?
If yes then why PMC back customer have restrictions?
Or it is temporary basis and in case bank shuts down all customers will get at least 1 lakh
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free khaate(zero balance you mean)
mein restrictions bahut hai, kisi kaam ka nahi.
for informational purposes
sbi bsbd/pmjdy account is Levying penalty of some amount on doing more than 4upi transactions in a month. they are counting all entries as transactions.
poor people are getting looted
https://www.dicgc.org.in/FdLibCoOperativeBank...px
According to list provided in the link. PMCC bank has insured customer funds with DICGC.
Pmc bank is insured.
When is DICGC liable to pay to the Depositor?
If the bank goes into liquidation, then the DICGC will pay the insured amount to the depositors through the official liquidator appointed by RBI. These depositors will be paid within two months from the date when the liquidator sends the list of genuine claims of original depositors.
On the other hand, if the bank is reconstructed or merged with any other bank, then DICGC will pay the insured amount directly to the newly reconstructed or newly merged bank.
The government tabled the FRDI Bill, 2017, in August in the Lok Sabha, which was referred to a joint parliamentary committee.
Finance Minister Piyush Goyal had informed JPC that the government had decided to withdraw Bill due to apprehensions among the public about the the ‘bail-in’ clause for resolution of bank failure which was perceived to be against the interest of the depositors. The clause led to fears that customer deposits could be used to bail out a failing bank. There were concerns over deposit insurance cover too.
this dicgc coverage was being replaced with something not good or removed.
@rogerthat mera khata khulwado free me😅