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After PMC Bank debacle, which saw depositors confront tragic death due to severe losses, led the FM to announce deposit insurance hike to Rs. 5 lakh from the earlier Rs. 1 lakh.
Also, on the sidelines, the FM said there will be a robust mechanism in place for overseeing the health of commercial banks as well as depositors money will be safe in the country.
On Tuesday, the employee unions asked the centre to hike the deposit insurance cover under DICGC to Rs. 10 lakh from Rs. 1 lakh.
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