<h1>Lok Sabha Approves Bill to Ban Unregulated Deposit Schemes, Protect Depositors, and Enhance Financial Security.</h1> The Lok Sabha passed the Banning of Unregulated Deposit Schemes Bill, 2019, on July 24, 2019. This legislation aims to tackle illicit deposit activities by prohibiting unregulated deposit schemes and protecting depositors' interests. It seeks to prevent fraudulent schemes that exploit individuals by promising high returns without proper regulatory oversight. The bill establishes a mechanism to ban such schemes and imposes penalties on those who operate them. It also provides for the repayment of deposits in a timely manner and empowers authorities to investigate and prosecute offenders, thereby enhancing financial security and transparency.