Budget 2020: Insurance cover for bank depositors raised to Rs 5 lakh

Tribune Web Desk

Updated At : 06:35 PM Feb 01, 2020 IST

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New Delhi, February 1

Finance Minister Nirmala Sitharaman on Saturday said the government has permitted DICGC to raise deposit insurance coverage by five times to Rs 5 lakh.

Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits.

Deposit insurance coverage will be enhanced from Rs 1 lakh to 5 lakh per depositor, the Finance Minister said her Budget speech in Lok Sabha.

At present, the DICGC provides Rs 1 lakh insurance to a depositor regardless of deposit in case the lender fails or liquidated. PTI

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