Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (BILL NO. XXVIII OF 2021)
No: 28 Dated: Jul, 30 2021
Deposit Insurance and Credit Guarantee Corporation Act, 1961
Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021
BILL NO. XXVIII OF 2021
A Bill further to amend the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—
1. Short title and commencement:- (1) This Act may be called the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
2. Amendment of section 2:- In section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (hereinafter referred to as the principal Act),—
(i) in clause (f),—
(a) in sub-clause (viii), for the words "competent Court", the words "competent Court; or" shall be substituted;
(b) after sub-clause (viii), the following sub-clause shall be inserted, namely:—
"(ix) in respect of which any direction, prohibition, order or scheme referred to in sub-section (1) of section 18A is issued or made;";
(ii) in clause (ff),—
(a) in sub-clause (viii), for the words "in a State.", the words "in a State; or" shall be substituted;
(b) after sub-clause (viii), the following sub-clause shall be inserted, namely:—
"(ix) in respect of which any direction, prohibition, order or scheme referred to in sub-section (1) of section 18A is issued or made;"
3. Amendment of section 15:- In section 15 of the principal Act, in sub-section (1), in second proviso, for the words "Provided further that", the following words shall be substituted, namely:—
"Provided further that the Corporation may, having regard to its financial position and to the interests of the banking system of the country as a whole, and with previous approval of the Reserve Bank of India, from time to time, raise the aforesaid limit of fifteen paisa per annum for every hundred rupees of the total amount of the deposits in that bank: Provided also that"