Perfection IAS

Parliament passes Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill 2021


  • On 9th August 2021, the Parliament has passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021.
  • It seeks to amend the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
  • The Bill seeks to provide depositors time-bound access to their insured deposit amount, in case they are restricted from accessing their bank deposits.
  • It provides that the Corporation will be liable to pay the insured deposit amount to depositors on an interim basis.
  • The Bill mandates the Corporation to pay the insured amount to the depositors within 90 days of the date such liability arises.