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