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Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021
August 15 , 2021
998 days
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- The Parliament had passed this bill recently.
- The bill 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.
- Speaking on the Bill, Finance Minister Nirmala Sitharaman said that insurance cover limit has been raised from one lakh to five lakh.
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