Urging the government to allow private companies to accept deposits from the public without a deposit insurance contract for one more year, India Inc said that the provisions introduced in the companies have thrown many challenges to the companies.
According to new norms, the government has made deposit insurance mandatory for private companies raising money through deposit-taking schemes from next month. Companies will have to bear the expenses of deposit insurance themselves. The purpose is to protect consumers from possible defaults.
Approaching the Ministry of Corporate Affairs (MCA), different industry chambers and stakeholders have raised the issue.
"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.