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

The federal government launched the Deposit Insurance coverage and Credit score Assure Company (Modification) Invoice, which goals to allow financial institution clients to entry their deposits in a time-bound method even when restrictions are imposed on a financial institution, within the Rajya Sabha on Friday.

The proposed legislature seeks to make sure that the assured quantity of as much as ₹5 lakh is paid to depositors inside 90 days of the Reserve Bank of India (RBI) putting a financial institution beneath moratorium.

The invoice was permitted by the cupboard earlier this week. Minister of state for finance Bhagwat Karad launched it within the higher home.

Restricted Legal responsibility Partnerships

The Restricted Legal responsibility Partnership (Modification) Invoice, 2021, was additionally launched within the higher home on Friday. As per the assertion of objects and purpose, itl seeks to amend sure sections of the Act in order to transform offences into civil defaults and to transform the character of punishment from fines to financial penalties.

https://economictimes.indiatimes.com/information/economic system/coverage/deposit-insurance-llp-amendment-bills-introduced-in-rs/articleshow/84903499.cms | Govt introduces Deposit Insurance coverage and Credit score Assure Company (Modification) Invoice in Rajya Sabha

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