Govt introduces Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in Rajya Sabha

The government introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, which aims to enable bank customers to access their deposits in a time-bound manner even when restrictions are imposed on a bank, in the Rajya Sabha on Friday.

The proposed legislature seeks to ensure that the guaranteed amount of up to ₹5 lakh is paid to depositors within 90 days of the Reserve Bank of India (RBI) placing a bank under moratorium.

The bill was approved by the cabinet earlier this week. Minister of state for finance Bhagwat Karad introduced it in the upper house.


Limited Liability Partnerships
The Limited Liability Partnership (Amendment) Bill, 2021, was also introduced in the upper house on Friday. As per the statement of objects and reason, itl seeks to amend certain sections of the Act so as to convert offences into civil defaults and to convert the nature of punishment from fines to monetary penalties.