The Hon’ble President nods to the Deposit Insurance And Credit Guarantee Corporation (Amendment) Act, 2021. The Act mandates Corporation to pay insured amount to depositors within 90 days of date such liability arises. Within first 45 days, insured bank must furnish details of all outstanding deposits to Corporation. Within 30 days of receipt of details, Corporation will verify authenticity of claims and check with each depositor if they are willing to receive the insured deposit amount.
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021502/hon’ble-president-nods-to-the-deposit-insurance-and-credit-guarantee-corporation-amendment-act-2021.aspx
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