{"id":255114,"date":"2021-10-04T10:40:18","date_gmt":"2021-10-04T05:10:18","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=255114"},"modified":"2021-10-04T10:40:18","modified_gmt":"2021-10-04T05:10:18","slug":"deposit-insurance-and-credit-guarantee-corporation-general-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/04\/deposit-insurance-and-credit-guarantee-corporation-general-amendment-regulations-2021\/","title":{"rendered":"Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page1R_mcid230\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The <\/span><span dir=\"ltr\" role=\"presentation\">Board of <\/span><span dir=\"ltr\" role=\"presentation\">Deposit Insu<\/span><span dir=\"ltr\" role=\"presentation\">rance and Credit Guarantee Corporation, with the previous approval <\/span><span dir=\"ltr\" role=\"presentation\">of the Reserve Bank of <\/span> <span dir=\"ltr\" role=\"presentation\">India notified Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021 to modify\u00a0 Deposit Insurance and Credit\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">Guarantee Corporation General Regulations, 1961<\/span><span dir=\"ltr\" role=\"presentation\">.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page8R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Inserted New Regulation 21A in Principal Regulations relating to submitting a form furnishing the list and certification by the insured bank:<br \/>\n<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid5\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><\/span><span id=\"page8R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">21A<\/span><\/span><span id=\"page8R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">. <\/span><\/span><span id=\"page8R_mcid8\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">(1) The insured bank, while furnishing the list and the certification <\/span><\/span><span id=\"page8R_mcid9\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">under sub<\/span><\/span><span id=\"page8R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">section (2) of <\/span><\/span><span id=\"page8R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">section 18A, shall submit in such form as specified by the Corporation, the name and account details <\/span><\/span><span id=\"page8R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">of depositors who have affirmed their willingness to receive the insured amount in respect of their <\/span><\/span><span id=\"page8R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">deposit in the insured bank, a<\/span><\/span><span id=\"page8R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">nd that form shall also contain a declaration signed by the chief <\/span><\/span><span id=\"page8R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">executive officer\/the person in charge as to the correctness of the contents thereof along with a <\/span><\/span><span id=\"page8R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">confirmation as to availability of the declarations signed and submitted by the depositors, <\/span><\/span><span id=\"page8R_mcid18\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">and an <\/span><\/span><span id=\"page8R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">undertaking to preserve and submit the said declarations to the Corporation, within such time and in <\/span><\/span><span id=\"page8R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">such manner a<\/span><\/span><span id=\"page8R_mcid21\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">s specified by the Corporation.<\/span><\/span><span id=\"page8R_mcid22\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid23\" class=\"markedContent\"><\/span><span id=\"page8R_mcid24\" class=\"markedContent\"><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid24\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(2) The insured bank shall obtain willingness of the depositors in such form as may be specified by <\/span><\/span><span id=\"page8R_mcid25\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the<\/span><\/span><span id=\"page8R_mcid26\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid27\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Corporation, which shall necessarily include an express declaration of willingness signed by the <\/span><\/span><span id=\"page8R_mcid28\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">depositor to receive the insured amount along with a certification by the chief executive officer\/the <\/span><\/span><span id=\"page8R_mcid29\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">person in charge as to the correctness of the contents t<\/span><\/span><span id=\"page8R_mcid30\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">hereof, and the forms so obtained shall be <\/span><\/span><span id=\"page8R_mcid31\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">submitted to the Corporation within such time and in such manne<\/span><\/span><span id=\"page8R_mcid32\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">r specified by the Corporation.<\/span><\/span><span id=\"page8R_mcid33\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid34\" class=\"markedContent\"><\/span><span id=\"page8R_mcid35\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(3) Where the insured bank receives willingness of a depositor after submission of the Form under <\/span><\/span><span id=\"page8R_mcid36\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">sub<\/span><\/span><span id=\"page8R_mcid37\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid38\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">regulation (1) b<\/span><\/span><span id=\"page8R_mcid39\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ut within the period specified in the first proviso to sub<\/span><\/span><span id=\"page8R_mcid40\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid41\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">section (4) of section <\/span><\/span><span id=\"page8R_mcid42\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">18A, it shall submit the details thereof in the same format specified under sub<\/span><\/span><span id=\"page8R_mcid43\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid44\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">regulation (1) within <\/span><\/span><span id=\"page8R_mcid45\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">such time and in such manner specified by the Corporation in the same fo<\/span><\/span><span id=\"page8R_mcid46\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">rmat specified under sub<\/span><\/span><span id=\"page8R_mcid47\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid48\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">regulation (1).<\/span><\/span><span id=\"page8R_mcid49\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid50\" class=\"markedContent\"><\/span><span id=\"page8R_mcid51\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(4) The claim settlement procedure adopted by the Corporation with the approval of the Board, for <\/span><\/span><span id=\"page8R_mcid52\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">verifying the genuineness and authenticity of the claim made by the liquidator under section 17 and <\/span><\/span><span id=\"page8R_mcid53\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the transferee\/i<\/span><\/span><span id=\"page8R_mcid54\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">nsured bank under section 18 shall <\/span><\/span><span id=\"page8R_mcid55\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">mutatis mutandis<\/span><\/span><span id=\"page8R_mcid56\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid57\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">be applied for verification of <\/span><\/span><span id=\"page8R_mcid58\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the genuineness and authenticity of the <\/span><\/span><span id=\"page8R_mcid59\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid60\" class=\"markedContent\"> <\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span id=\"page8R_mcid61\" class=\"markedContent\"><\/span><span id=\"page8R_mcid62\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a) claim made in the list furnished by the insured bank under sub<\/span><\/span><span id=\"page8R_mcid63\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid64\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">section (2) of section 18A;<\/span><\/span><span id=\"page8R_mcid65\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid66\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">and<\/span><\/span><span id=\"page8R_mcid67\" class=\"markedContent\"> <\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span id=\"page8R_mcid68\" class=\"markedContent\"><\/span><span id=\"page8R_mcid69\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(b) the forms and declarations<\/span><\/span><span id=\"page8R_mcid70\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid71\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">referred to in sub<\/span><\/span><span id=\"page8R_mcid72\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid73\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">regulations (1), (2) and (3), for ascertaining the <\/span><\/span><span id=\"page8R_mcid74\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">willingness of the depositor.<\/span><\/span><span id=\"page8R_mcid75\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201d<\/span><\/span><span id=\"page8R_mcid82\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Inserted New Regulation 22A in the principal Regulations relating to deferring or varying the time limit for receipt of repayments under certain circumstances:<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page8R_mcid82\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><\/span><span id=\"page8R_mcid83\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">22A<\/span><\/span><span id=\"page8R_mcid84\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">. (1)<\/span><\/span><span id=\"page8R_mcid85\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid86\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Notwithstanding anything contained in Regulation <\/span><\/span><span id=\"page8R_mcid87\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">22, where the Corporation is satisfied <\/span><\/span><span id=\"page8R_mcid88\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">about the financial position of the insured bank or the transferee bank, as the case may be, and <\/span><\/span><span id=\"page8R_mcid89\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">keeping in view the expected time period that would be sufficient to generate<\/span><\/span><span id=\"page8R_mcid90\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid91\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid92\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">cash flows, capital <\/span><\/span><span id=\"page8R_mcid93\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">infusion, liquidity,<\/span><\/span><span id=\"page8R_mcid94\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid95\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">business profits, sale of assets, restructuring of the insured bank, to pay the <\/span><\/span><span id=\"page8R_mcid96\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">stakeholders including uninsured depositors and other creditors, makes an assessment that the bank <\/span><\/span><span id=\"page8R_mcid97\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">is not capable of making repayment to the Corporation, then it may defer or <\/span><\/span><span id=\"page8R_mcid98\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">vary the time limit for <\/span><\/span><span id=\"page8R_mcid99\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">receipt of repayments due to it for such period and upon such terms as the<\/span><\/span><span id=\"page8R_mcid100\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid101\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">Board may specifically <\/span><\/span><span id=\"page8R_mcid102\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">decide.<\/span><\/span><span id=\"page8R_mcid103\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid104\" class=\"markedContent\"><\/span><span id=\"page8R_mcid105\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(<\/span><\/span><span id=\"page8R_mcid106\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">2<\/span><\/span><span id=\"page8R_mcid107\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">)<\/span><\/span><span id=\"page8R_mcid108\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid109\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">The decision of the Board referred in sub<\/span><\/span><span id=\"page8R_mcid110\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid111\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">regulation (1) shall be binding on the bank and till <\/span><\/span><span id=\"page8R_mcid112\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">such time as repayment is m<\/span><\/span><span id=\"page8R_mcid113\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ade to the Corporation, the insured bank or the transferee bank, as the <\/span><\/span><span id=\"page8R_mcid114\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">case may be, shall be prohibited from discharging the classes of liabilities, other than those specified <\/span><\/span><span id=\"page8R_mcid115\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">in terms <\/span><\/span><span id=\"page8R_mcid116\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">of the decision of the Board. <\/span><\/span><span id=\"page8R_mcid117\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid118\" class=\"markedContent\"><\/span><span id=\"page8R_mcid119\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(3)<\/span><\/span><span id=\"page8R_mcid120\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid121\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Corporation may, for the purpo<\/span><\/span><span id=\"page8R_mcid122\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">se of assessment of the financial position and the capability <\/span><\/span><span id=\"page8R_mcid123\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">of the bank to make repayment, call upon the bank, from time to time or periodically, to submit such <\/span><\/span><span id=\"page8R_mcid124\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">records or statements and furnish such information as the Corporation considers it necessary <\/span><\/span><span id=\"page8R_mcid125\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">and <\/span><\/span><span id=\"page8R_mcid126\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">expedient and the bank shall comply with the same.<\/span><\/span><span id=\"page8R_mcid127\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201d<\/span><\/span><span id=\"page8R_mcid128\" class=\"markedContent\"><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Board of Deposit Insurance and Credit Guarantee Corporation, with the previous approval of the Reserve Bank of India notified Deposit Insurance <\/p>\n","protected":false},"author":8808,"featured_media":154904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[47368,10091,47367,47369,7361,2732],"class_list":["post-255114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-board-of-deposit-insurance-and-credit-guarantee-corporation","tag-corporation","tag-credit-insurance","tag-insured-bank","tag-payment","tag-Reserve_Bank_of_India"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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