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.
