Locker loss cover fixed at 100 times annual rent: Nirmala Sitharaman

Locker loss cover fixed at 100 times annual rent: Nirmala Sitharaman

Nirmala Sitharaman clarified in the Lok Sabha that standard insurance coverage for bank lockers is fixed at 100 times the annual locker rent in case of loss, theft, or damage. Banks cannot inspect locker contents due to privacy and regulatory rules, making it impractical to offer coverage based on the actual value of stored items Mar 30, 2026
Lok Sabha approves Insolvency and Bankruptcy Code (Amendment) Bill

Lok Sabha approves Insolvency and Bankruptcy Code (Amendment) Bill

Lok Sabha approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, aimed at speeding up insolvency proceedings for defaulting companies. The Bill mandates a 14-day timeline for admitting insolvency applications once defaults are established and proposes 12 amendments to strengthen the resolution ecosystem Mar 30, 2026