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.

• The funds have to be provided to the account holder within 90 days in the event of a bank coming under the moratorium imposed by the Reserve Bank of India (RBI).
• 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 ....