THE DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (AMENDMENT) BILL, 2021
Where this law is right now
🏛️ Became law (Act)
Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law amends the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to allow the Corporation to make interim payments to depositors when banks face restrictions like moratoriums, ensuring faster access to insured deposits.
Who it affects
Insured banks and their depositors
Key provisions
- Amends section 2 to include new clauses for banks under restrictions
- Inserts new section 18A for interim payments to depositors
- Allows Corporation to raise premium ceiling with RBI approval
- Adds provisions for deferred repayments and penal interest
Points worth noting
- This is an amendment to an existing Act (1961)
- Creates new liability for Corporation to pay depositors during bank restrictions
- Repeals no older law (not stated)
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | XXVIII |
| Status | closed (section: bill) |
| Year | 2021 |
| Closing date | — |
| Documents | 3 |
Highlights & Points worth asking
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Documents
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Bill_passed_both
THE-DEPOSIT-INSURANCE-AND-CREDIT-GUARANTEE-CORPORATION-AMEND-bill_passed_both.pdf
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Bill_introduced
2021-07-30
THE-DEPOSIT-INSURANCE-AND-CREDIT-GUARANTEE-CORPORATION-AMEND-bill_introduced.pdf
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Bill_passed_rs
2021-08-04
THE-DEPOSIT-INSURANCE-AND-CREDIT-GUARANTEE-CORPORATION-AMEND-bill_passed_rs.pdf
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