September 19, 2021

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Govt notifies general insurance and DICGC bills

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The government has notified the General Insurance Business (Nationalisation) Amendment Bill and the Deposit Insurance and Credit Guarantee Corporation (DICGC) (Amendment) Bill, after President Ram Nath Kovind gave his assent to both the laws.

The Bills were passed by the Lok Sabha and Rajya Sabha earlier this month through a voice vote. The General Insurance Business (Nationalisation) Amendment Act will allow the government to cut its stake in state-owned general insurers to below 51%.

The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act ensures that bank account holders are paid up to ₹5 lakh within 90 days of the Reserve Bank of India placing any bank under moratorium.

Finance minister Nirmala Sitharaman has said that depositors of 23 cooperative banks – including Guru Raghavendra Sahakara Bank, Bengaluru, and People’s Cooperative Bank, Kanpur — which were declared under stress, would benefit from this legislation.

In her budget speech in February, Sitharaman had announced the government’s intent to

up two public sector banks and one general insurance company for privatisation.

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