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Deposit Insurance Cover Increased From Rs 1 Lakh To Rs 5 Lakh: Sitharaman

"Insurance 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.

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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.

"Insurance 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. 

(ANI)


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