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Core Purpose

Amends Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961 by modifying figures in Regulation 17.

Detailed Summary

This notification from the Deposit Insurance and Credit Guarantee Corporation amends the Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961. Specifically, it modifies Regulation 17, effective from 01 February, 2025. The amendment substitutes figures in Regulation 17: in clause (i), replacing ₹10,000 and ₹5,000 with ₹50,000 and ₹25,000 respectively; and in clause (ii), replacing ₹5,000 with ₹15,000. This change is enacted by the Board of the Corporation with the Reserve Bank of India's prior approval, under powers from Section 50 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961. These amended regulations are titled "Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2024".

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-MH-E-04022025-260761 EXTRAORDINARY PART III-Section 4 PUBLISHED BY AUTHORITY No. 89] NEW DELHI, MONDAY, FEBRUARY 3, 2025/MAGHA 14, 1946 869 GI/2025 (1) DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION NOTIFICATION Mumbai, the 27th January, 2025 (General (Amendment) Regulations, 2024) Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2024 F.No. S2275/01.01.013/2024-25-In exercise of the powers conferred by sub-section (1) and clauses (d) and (e) of sub-section (2) of section 50 of the Deposit Insurance and Credit Guarantee Corporation Act 1961, the Board of Deposit Insurance and Credit Guarantee Corporation, with the previous approval of the Reserve Bank of India, hereby makes the following amendments to the Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961 (hereinafter referred to as “Principal Regulations"). 1. These Regulations may be called the Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2024. 2. These Regulations shall come into force from 01 February, 2025. 3. The following amendments be made to Regulation 17 of the Principal Regulations: (i) In clause (i) of Regulation 17, the figures ₹10,000 and 5,000 shall be substituted by the figures ₹50,000 and ₹25,000, respectively. (ii) In clause (ii) of Regulation 17, the figure ₹5,000 shall be substituted by the figure ₹15,000. ARNAB KUMAR CHOWDHURY, Executive Director [ADVT.-III/4/Exty./946/2024-25]

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