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Budget 2020: Deposit Insurance Cover Hiked To Rs. 5 Lakh

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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.

Budget 2020: Deposit Insurance Cover Hiked To Rs. 5 Lakh

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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