Under the amendment, depositors of a bank under moratorium will no longer have to wait to access their money All commercial banks and even branches of foreign banks operating in India will come under the purview of this Act

In a major relief to depositors of troubled banks, the Union Cabinet on Wednesday approved an amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, under which, account holders can access up to ₹5 lakh deposits within 90 days of a bank coming under moratorium. This amendment, as announced by Finance Minister Nirmala Sitharman in a press conference today, will ensure timely support to depositors.