Deposit insurance cover increased from Rs 1 Lakh to Rs 5 Lakh:Nirmala Sitharaman

Deposit insurance cover increased from Rs 1 Lakh to Rs 5  Lakh:Nirmala Sitharaman

Union Finance Minister nirmala Sitharaman on Saturday said that deposit insurance cover for bank deposits would be increased from Rs 1 Lakh to Rs 5 Lakh.

"Insuarance cover per depositor is Rs 1 Lakh.IT has been now revised to Rs 5 Lakh,she said in Lok sabha while presenting the Union Budget 2020-21.

The proposal has come in the wake of the crisis at Mumbai-based Punjab and Maharashtra Co-operative Bank.There have been demands to increase the deposit insurance cover.