Insurance cover on bank deposits raised to Rs 5 lakh effective Tuesday

NEW DELHI: Insurance cover on bank deposits has been increased to Rs 5 lakh from Rs 1 lakh effective Tuesday, the Reserve Bank of India (RBI) said in a statement.

             The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI.

             This, the RBI said, has been done with a view to providing a greater measure of protection to depositors.

             On Saturday, Finance Minister Nirmala Sitharaman had made the announcement regarding increasing insurance cover to Rs 5 lakh in her Budget Speech. (AGENCIES)



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