There
is an enabling provision in Section 73 (2) (d) of the Companies Act whereby
Companies permitted to accept deposits from the public will be required to
“provide such deposit insurance in such manner and to such extent as may be
prescribed”. Giving this information in written reply to a question in the
Rajya Sabha, Shri Sachin Pilot, Minister for Corporate Affairs, said that the
operationalization of this provision would require framing of suitable rules in
consultation with the Reserve Bank of India.
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