Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021

The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is being amended to enable easy and time-bound access by depositors to their own money, even when there are restrictions on banks. It is proposed to provide that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium imposed on it, depositors can access their deposits to the extent of deposit insurance cover through interim payments by the Corporation.

RBI Statement on Developmental and Regulatory Policies

Banks are allowed to avail of funds under the marginal standing facility (MSF) by dipping into the Statutory Liquidity Ratio (SLR) up to an additional one per cent of net demand and time liabilities (NDTL), i.e., cumulatively up to 3 per cent of NDTL, for a further period of three months, i.e., up to December 31, 2021.

RBI provides that penal interest for excess put through/ double claim amount may be levied by State Government

The penal interest period for such double claim/excess put through may start from the date on which the agency bank has received the excess put through / double claim amount and up to previous date to actual date of return of such excess put through / double claim amount by agency banks to concerned state government account (excluding the date of return of such excess payment/double claim amount by the agency banks to government account(s).