Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh: FM

NEW DELHI: Finance Minister Nirmala Sitharman on Friday said the Government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks.

These legislations will be brought during the Winter Session of Parliament starting coming Monday, the Minister told reporters here.

These legislations assume significance in the wake of scam in the Punjab and Maharashtra Cooperative Bank affecting lakhs of customers who are facing difficulties in withdrawing their entire money due to restrictions imposed by the Reserve Bank of India.

At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation. (AGENCIES)

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here