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

• 10 Aug 2021

• On 9^th 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.