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Now if the bank sinks No Tension, your rupee will be safe this way.

 Now if the bank sinks No Tension, your rupee will be safe this way.




 Every day we hear that such and such a person took so much money from the bank and ran away due to which the NPA of the bank increased.  Then a little fear arises in our minds that what will happen to my money if the bank wakes up.  It is normal to ask such questions if my money does not sink.  But now you don't have to worry about your money.  A law has been passed in the Lok Sabha today that will protect your money.  So let's find out what this law is.  Finance Minister Nirmala Sitaram, while discussing in the Lok Sabha the Amendment Bill to amend the Banking Regulation Act, 1949, said that whenever a bank gets into trouble, the amount of people's hard work goes into trouble.  The new law will provide security for people's money deposited in banks.  Along with this, all the co-operative banks of the country will also come under the Reserve Bank (RBI).  By amending the Central Government's Banking Regulation Act, 1949 (Banking Regulation Act, 1949), the bank will ensure protection of the interests of the customers.


 These banks are going through difficult times

 Before the bill was passed, the finance minister said that depositors of co-operative banks and small banks have been facing many problems for the last two years.  We will ensure protection of their interests through this bill.  These banks are going through difficult times and want a deferred facility.  In this, the time of the regulator is very bad.  The bill was first introduced during the budget session in March.  However, it could not pass due to the Covid-19 epidemic.  Subsequently, in June 2020, the central government enacted an ordinance to bring in 1,482 urban co-operative and 58 multi-state co-operative banks under the Reserve Bank.


An amount up to Rs 5 lakh will be considered secure in the bank


 With the advent of this law, the difficulty of account holders will be lessened.  The decision to amend the Banking Regulation Act 1949 is in the interest of consumers.  If a bank defaults now, the amount up to Rs 5 lakh in the bank will be considered secure.  In the budget presented to the Finance Minister on February 1, 2020, it was increased from Rs 1 lakh to Rs 5 lakh.  In such a case, if a bank goes bankrupt or goes bankrupt, its depositors will get a maximum of Rs 5 lakh, regardless of the amount in their account.  According to RBI's Depository Deposit Insurance and Credit Guarantee Corporation (DICGC), insurance means that customers will get only Rs 5 lakh regardless of the amount of the deposit.


 Bank loans were banned

 Nirmala Sitharaman clarified that the bill does not regulate co-operative banks nor has it been brought into the hands of the central government's co-operative banks.  With the amendment bill, the RBI can suspend a bank's merger plan.  Prior to this amendment, the deposit limit of depositors was fixed with a withdrawal limit if a bank is to be held under a moratorium.  Also, bank loans were banned.


Insurance up to Rs. 5 lakhs on deposit

 Under the provisions of Section 16 (1) of the DICGC Act, 1961, if a bank goes bankrupt or goes bankrupt, the corporation is liable to pay each depositor.  He has insurance up to Rs 5 lakh on his deposit.  If you have an account in multiple branches of the same bank, then the money and interest deposited in all the accounts will be added.  After this, only deposits up to Rs 5 lakh will be considered safe.  If you have more than one account and FD in any bank, then you are guaranteed to take only Rs 5 lakh even after the bank defaults or sinks.


 Finance Minister Sitaram clarified this


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 The amendment bill introduced several changes under Section 45.  With their help, the RBI can plan the day-to-day activities of banks for the benefit of the public interest, the banking system and management.  However, the effect of the change in law will not affect the existing powers of the State Registrar of Cooperatives under the State Act.  Finance Minister Sitaram clarified that the reform bill would not apply to primary agricultural credit societies or co-operative societies that provide long-term loans for agricultural operations.  However, it is important that these societies do not use the term bank, banker or banking in their name.

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