The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021

It received Presidential Assent on 13^th August 2021. It amends the Deposit Insurance and Credit Guarantee Corporation Act 1961. It will provide the depositors time-bound access to their insured deposit amount, in case they are restricted from accessing their bank deposits.

• Within the first 45 days of the bank being put under moratorium, information would be collected by Deposit Insurance Credit Guarantee Corporation.
• In the next 45 days, it will review the information and repay depositors within a maximum of 90 days.
• The premium paid by banks for deposit insurance has been raised from 10 paise for every Rs 100 ....