Draft Bill on Banning of Unregulated Deposit Schemes & Protection of Depositors’ Interests

Govt. invites Comments/ suggestions on the Draft Bill on “Banning of Unregulated Deposit Schemes & Protection of Depositors’ Interests Bill, 2016” latest by 17 Dec. 2016

The revised Draft “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” (Version 2.0), has been uploaded on the website of the Department of Financial Services (financialservices.gov.in) on 17 Nov. 2016 for public comments, latest by 17 Dec. 2016.

Earlier, a copy of the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015”, along with the Report of the Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/ legislative measures including formulation of a new law to cover all relevant aspects of ‘deposit-taking’, was placed on the website of the Department of Financial Services (DFS) in March, 2016 for soliciting public comments.

Based on the comments received so far and further consultations with the stakeholders, the Draft Bill has been modified which now again has been uploaded on Department of Financial Services website for public comments.

 Draft Bill on Banning of Unregulated Deposit Schemes & Protection of Depositors’ Interests 2016

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