Budget 2020: Now, you will get Rs 5 lakh if your bank goes bust instead of Rs 1 lakh
The matter of hiking deposit insurance coverage came to the fore after Mumbai-headquartered Punjab and Maharashtra Co-operative Bank came under RBI scanner last year
- Feb 1, 2020,
- Updated Feb 1, 2020 8:24 PM IST
During her Budget speech in Lok Sabha on Saturday, Finance Minister Nirmala Sitharaman announced that deposit insurance cover for small depositors has been increased to Rs 5 lakh from Rs 1 lakh. This means that depositors will get back at most Rs 5 lakh if their bank goes ouyt of opertion.
This is the first time in 27 years that insurance limit on bank deposits has been revised. The matter of hiking deposit insurance coverage came to the fore after Mumbai-headquartered Punjab and Maharashtra Co-operative Bank (PMC Bank) came under RBI scanner last year.
Budget 2020 Speech Live Updates: Govt to sell a part of its holdings in LIC, says Nirmala Sitharaman
During her Budget speech in Lok Sabha on Saturday, Finance Minister Nirmala Sitharaman announced that deposit insurance cover for small depositors has been increased to Rs 5 lakh from Rs 1 lakh. This means that depositors will get back at most Rs 5 lakh if their bank goes ouyt of opertion.
This is the first time in 27 years that insurance limit on bank deposits has been revised. The matter of hiking deposit insurance coverage came to the fore after Mumbai-headquartered Punjab and Maharashtra Co-operative Bank (PMC Bank) came under RBI scanner last year.
Budget 2020 Speech Live Updates: Govt to sell a part of its holdings in LIC, says Nirmala Sitharaman