Bringing sigh of relief for the depositors in stressed banks, the Union Cabinet on Wednesday gave nod to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill, 2021.

Addressing media persons, Union Finance Minister Nirmala Sitharaman said, "The proposed law will insure bank deposits up to Rs 5 lakh. Under DICGC Bill 2021, 98.3 per cent of all deposits will get covered and in terms of deposit value, 50.9 per cent deposit value will be covered. Global deposit value is only 80 per cent of all deposit accounts. It only covers 20-30 per cent of deposit value."