Govt permits five-fold increase in deposit insurance cover to Rs 5 lakh per depositor

NEW DELHI: 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. (AGENCIES)

LEAVE A REPLY

Please enter your comment!
Please enter your name here