India Today : Feb 01, 2020, 04:30 PM
The Deposit Insurance and Credit Guarantee Corporation has been allowed to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh, Finance Minister Nirmala Sitharaman said Saturday in her budget speech.A robust mechanism is in place to monitor the health of all scheduled commercial banks, Nirmala Sitharaman said.
Depositors' money is absolutely safe, she said.
Depositors are currently "insured upto a maximum of 1,00,000...for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force," according to the DICGC. Click here for more information.
The budget announcement follows a downgraded growth prediction from the International Monetary Fund (IMF).
Depositors' money is absolutely safe, she said.
Depositors are currently "insured upto a maximum of 1,00,000...for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force," according to the DICGC. Click here for more information.
The budget announcement follows a downgraded growth prediction from the International Monetary Fund (IMF).